In a newly released autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that chaotic era of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's recollections, he selected the maverick academic Varoufakis as the treasury head primarily because of his international reputation along with his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more of a star rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed his own motives that included promoting Varoufakis's books and testing out his theories using the nation instead of truly advocating its financial survival.
He noted that the talks to stave off insolvency were “not just a way to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay not only the country's destiny and those harsh austerity policies demanded in return for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, an action that plunged the EU into a further existential crisis.
Even though the referendum was carried decisively by voters against austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and sensitive management.”
Tsipras also claimed how his aggressive approach left him increasingly isolated among peers, endangered the country, while helped hardliners that were pushing for Grexit.
The account of history has provoked anger along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
