Within his recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the turbulent era during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's version, Tsipras chose the maverick academic Varoufakis as the treasury head largely because of his international reputation and Varoufakis's highly compelling abilities as a public orator.
“He was, truthfully, more of a star rather than an economist,” stated Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis had his own motives that involved advancing his publications as well as experimenting with his game theories using Greece rather than genuinely advocating the country's financial survival.
Tsipras wrote that the talks to prevent insolvency became “not only a method of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
During tense negotiations, the country came dangerously on the brink of leaving the single currency area.
At stake was not only Greece's future but also the severe cutbacks demanded in exchange for rescue loans by foreign lenders.
Failed Options
Attempts to find financing elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were subjected to a popular referendum, a move which threw Europe into a deeper existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras had little option to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency and issuing coupons to pensioners, Tsipras knew it was game over questioning him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts that his former ally had proved himself “unsuitable for an agreement demanding intricate and sensitive management.”
He also wrote that his aggressive style left him more and more alone with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of history has been met with fury along with shock among certain groups, whereas Varoufakis has kept a deafening silence regarding these claims.
