In a recently unveiled autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's account, Tsipras chose that maverick academic Varoufakis to be the treasury head largely because of his worldwide fame along with Varoufakis's very persuasive abilities when it came to speaker.
“He was, actually, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims that his finance chief possessed a personal motives which involved promoting his publications as well as experimenting with his theories using the nation instead of truly advocating its economic stability.
Tsipras wrote that the talks to avoid bankruptcy were “not just a way to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
At stake was not only Greece's destiny and the punishing cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, the punitive conditions were put to a popular referendum, a move which plunged the EU into further crisis of identity.
Although the referendum was won decisively by those who opposed austerity, the prime minister had little option to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to retirees, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Rebuke
Within the book, the author concludes how Varoufakis had proved himself “unfit for an agreement that required intricate and delicate management.”
Tsipras also claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of history has been met with anger along with stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
