In a recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that turbulent era of Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he chose the maverick academic Varoufakis as his treasury head largely due to the latter's worldwide fame and his very persuasive abilities when it came to communicator.
“He was, truthfully, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis had a personal motives which included promoting his books as well as experimenting with his economic models using the nation rather than truly advocating its economic stability.
He wrote how the discussions to avoid insolvency became “not only a method of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself perilously close to exiting the single currency area.
On the line was both Greece's future but also the severe austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the excoriating conditions were put to a popular referendum, a move which plunged the EU into a further crisis of identity.
Although the vote was won decisively by voters against austerity, the prime minister had little option to reject its outcome and negotiate a bailout package with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, Tsipras knew it was the end and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also wrote that his confrontational style left him more and more alone among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This account of events has been met with fury along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
