In a newly released memoir, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits that chaotic period during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, Tsipras chose the unorthodox economist Varoufakis as his treasury head primarily because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills as a speaker.
“He was, in reality, more like a star and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed a personal agenda that involved promoting his books and experimenting with his own theories on Greece instead of truly advocating its economic stability.
Tsipras wrote how those discussions to prevent insolvency were “not just a way of achieving improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
Amid rollercoaster discussions, Greece found itself perilously close to leaving the single currency area.
At stake lay both the country's destiny but also those punishing austerity measures required in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a public vote, a move that plunged the EU into a deeper existential crisis.
Although the vote was carried decisively by those who opposed the cuts, the prime minister was forced to reject its outcome and negotiate a rescue deal from creditors that proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes that his former ally demonstrated himself “unfit for a deal that required complex and delicate handling.”
Tsipras further claimed that his confrontational style left him increasingly isolated with colleagues, endangered the country, while helped hawks that were pushing for Grexit.
This retelling of events has provoked fury along with stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.
