In a newly released autobiography, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's recollections, he appointed the unorthodox academic Varoufakis as his treasury head mainly because of his worldwide fame and his highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a personality and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief had his own motives that involved promoting Varoufakis's books and experimenting with his own game theories on the nation rather than truly advocating its economic stability.
He noted that those discussions to stave off bankruptcy became “not only a method of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's future but also the severe austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, the harsh bailout terms were put to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Although the vote was won resoundingly by those against the cuts, Tsipras had little option to ignore the result then negotiate a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to pensioners, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and delicate management.”
He further wrote that his aggressive style left him more and more alone with colleagues, endangered the country, while helped hardliners who were advocating Grexit.
This account of events has been met with anger and shock in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
