In a recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on that turbulent era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras chose that maverick economist Varoufakis as his treasury head mainly because of his global profile along with his very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a star rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis possessed his own motives which included advancing Varoufakis's books as well as experimenting with his own economic models on Greece instead of genuinely advocating its economic stability.
He wrote how those discussions to stave off insolvency became “not just a method of achieving improved terms for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, the country found itself perilously close to exiting the single currency area.
On the line was both Greece's future and those punishing austerity measures demanded in exchange for bailout funds from foreign lenders.
Failed Options
Efforts to find funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw Europe into a further existential crisis.
Even though the vote was won decisively by those who opposed austerity, Tsipras had little option to ignore the result then agree to a bailout package with foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications globally … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency and issuing coupons to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for a deal that required complex and sensitive management.”
He also wrote how his confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hardliners that were advocating Grexit.
The retelling of history has provoked fury along with stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
