Within his recently unveiled autobiography, called Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the turbulent period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that unorthodox academic Varoufakis as the finance minister mainly because of the latter's international reputation along with his highly compelling abilities as a communicator.
“In reality, he was, actually, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims how Varoufakis had his own motives which involved promoting Varoufakis's publications as well as experimenting with his game theories on the nation rather than truly fighting for the country's economic stability.
Tsipras noted that the negotiations to prevent bankruptcy were “not just a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's destiny but also the punishing austerity measures demanded in return for rescue loans from international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, a move that threw the EU into deeper existential crisis.
Even though the referendum was won decisively by voters against austerity, Tsipras was forced but to ignore the result and agree to a bailout package with foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When the minister outlined a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Are you serious?”
Lasting Criticism
In the book, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He also wrote that his confrontational approach left him more and more alone with colleagues, endangered the country, while helped hardliners who were advocating Grexit.
This account of events has been met with anger along with shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
