Within his recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic era of Greece's economic turmoil.
A Controversial Choice
According to Tsipras's version, he selected the unorthodox academic Varoufakis to be the treasury head primarily because of the latter's global profile along with his highly compelling abilities as a public orator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief possessed his own motives which included advancing Varoufakis's publications as well as testing out his own game theories using the nation rather than genuinely fighting for its financial survival.
He explained that the talks to stave off bankruptcy were “not just a way to secure improved terms for the country. They became a test, an historic chance to prove the truth of his economic theories.”
High-Stakes Talks
During volatile discussions, Greece found itself dangerously on the brink of leaving the eurozone.
On the line lay not only the country's destiny but also the severe austerity policies required in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum and Reversal
That summer, the excoriating conditions were subjected to a public vote, a move which plunged Europe into a deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving creating a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author concludes how his former ally had proved himself “unfit for an agreement that required complex and sensitive handling.”
Tsipras further claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with shock among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
