Within his freshly published personal account, named Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's financial crisis.
An Unconventional Choice
In Tsipras's account, he appointed the unorthodox economist Varoufakis as the treasury head primarily because of the latter's global profile and Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges that his finance chief possessed a personal agenda which involved promoting Varoufakis's publications and experimenting with his own game theories on Greece instead of truly advocating the country's financial survival.
Tsipras explained how those talks to stave off bankruptcy were “not just a method to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country came perilously close to leaving the eurozone.
On the line was both Greece's future and those severe cutbacks required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action which plunged Europe into a further existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option to ignore the result then agree to a bailout package from creditors which proved to be even harsher.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, the leader said he realised it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive management.”
He further claimed that his confrontational approach left him more and more alone with colleagues, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of events has provoked fury along with stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
