Within his recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras pulls no punches while he reflects on that turbulent era during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's version, Tsipras chose that unorthodox economist Varoufakis as the treasury head mainly due to his global profile and Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, in reality, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief possessed a personal motives which included promoting his publications and experimenting with his own theories using the nation instead of truly fighting for the country's financial survival.
Tsipras explained how the talks to avoid bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece came dangerously close to leaving the eurozone.
At stake lay both Greece's future and the severe austerity measures demanded in exchange for bailout funds by international creditors.
Failed Options
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were put to a popular referendum, an action which plunged the EU into a deeper existential crisis.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister was forced but to reject its outcome and agree to a rescue deal from creditors which turned out to be more severe.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency as well as distributing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
He further wrote how his aggressive approach left him more and more alone with colleagues, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
The account of events has provoked anger and shock in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
