Within his recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that chaotic era of Greece's debt drama.
A Controversial Appointment
In Tsipras's account, he selected that maverick academic Varoufakis to be his finance minister primarily because of the latter's global profile along with Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, truthfully, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis had a personal agenda that included advancing his books as well as experimenting with his theories using Greece instead of genuinely fighting for its financial survival.
Tsipras noted that those discussions to avoid bankruptcy became “not just a method to secure a better deal for Greece. They were an experiment, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country found itself perilously close to leaving the eurozone.
At stake was both Greece's future but also the severe cutbacks demanded in exchange for bailout funds from international creditors.
Failed Options
Efforts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by voters against austerity, Tsipras had little option but to ignore the result and negotiate a bailout package from foreign lenders which proved to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive management.”
He also claimed how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
The account of history has been met with fury along with shock in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
