In a recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, he appointed the maverick economist Varoufakis to be the treasury head largely because of the latter's worldwide fame along with his highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more like a star rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own agenda which involved promoting Varoufakis's books as well as experimenting with his game theories using Greece rather than genuinely fighting for its economic stability.
Tsipras noted that those negotiations to avoid insolvency were “not only a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country came perilously close to exiting the eurozone.
On the line was not only the country's destiny but also the severe cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were put to a public vote, an action that plunged the EU into a further existential crisis.
Although the referendum was carried resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result and agree to a bailout package from creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included establishing a secondary currency and distributing coupons to retirees, the leader knew it was game over and asked him: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras concludes that his former ally demonstrated himself “unfit for a deal demanding complex and sensitive management.”
He also wrote that his aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were pushing for Grexit.
The account of events has provoked fury and stunned disbelief among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
