In a recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that turbulent period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's version, he appointed that maverick academic Varoufakis as the finance minister primarily because of the latter's international reputation along with Varoufakis's highly compelling skills as a communicator.
“He was, actually, more of a celebrity and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal agenda which involved advancing his books and testing out his own theories using Greece instead of genuinely fighting for its financial survival.
Tsipras explained that those negotiations to stave off bankruptcy became “not only a way to secure a better deal for the country. They became a test, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Talks
During volatile negotiations, Greece found itself dangerously close to leaving the eurozone.
At stake lay both the country's future and those severe austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, the excoriating conditions were subjected to a public vote, an action that threw the EU into further existential crisis.
Although the referendum was carried decisively by those who opposed austerity, Tsipras was forced to ignore the result and negotiate a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He further claimed that his confrontational style made him more and more alone among peers, endangered the country, and helped hardliners that were pushing for Grexit.
This retelling of history has provoked anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
