In a freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on the chaotic period during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, he selected the unorthodox economist Varoufakis as his finance minister largely due to the latter's international reputation and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how his finance chief had his own agenda which included advancing his books and experimenting with his economic models on Greece instead of genuinely advocating its economic stability.
He noted that the talks to avoid insolvency were “not only a method of achieving improved terms for the country. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously on the brink of exiting the eurozone.
At stake was not only the country's future and those punishing cutbacks required in return for rescue loans from international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a public vote, an action that plunged Europe into a further crisis of identity.
Even though the vote was won resoundingly by voters who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive handling.”
Tsipras also wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
