Within his freshly published autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he chose the maverick academic Varoufakis to be his finance minister mainly because of the latter's worldwide fame along with his highly compelling abilities as a communicator.
“In reality, he was, actually, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims that his finance chief had a personal motives which involved promoting Varoufakis's books as well as testing out his own economic models using the nation instead of truly fighting for the country's economic stability.
He wrote how those negotiations to prevent bankruptcy became “not just a way of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid tense negotiations, Greece found itself perilously close to leaving the eurozone.
At stake lay both Greece's destiny and those harsh austerity policies demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, the harsh conditions were subjected to a public vote, an action which threw the EU into deeper crisis of identity.
Even though the vote was carried decisively by those against the cuts, the prime minister was forced to ignore the result then negotiate a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive management.”
He also wrote how his confrontational style left him more and more alone among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
The account of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
