Within his freshly published autobiography, titled Ithaki, the former premier Alexis Tsipras does not hold back as he examines that chaotic era of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's recollections, he selected the unorthodox academic Varoufakis to be the finance minister mainly because of his global profile and Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, actually, more of a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges how his finance chief had a personal agenda that involved promoting Varoufakis's books and experimenting with his economic models on the nation instead of truly advocating the country's economic stability.
He wrote how those talks to avoid bankruptcy became “not just a method to secure a better deal for the country. They were an experiment, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously on the brink of exiting the eurozone.
At stake lay both the country's future but also those harsh austerity measures demanded in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were subjected to a public vote, an action that plunged Europe into a further crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome and agree to a bailout package with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing coupons to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive management.”
He further claimed how his confrontational approach made him more and more alone with colleagues, endangered the country, while helped hardliners who were advocating Grexit.
This retelling of history has been met with anger and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
