In a recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines the turbulent era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, Tsipras chose that unorthodox economist Varoufakis as the finance minister largely due to his global profile and Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had his own agenda which included advancing his books and testing out his own economic models on Greece instead of genuinely advocating the country's economic stability.
Tsipras wrote that the negotiations to stave off bankruptcy became “not only a way of achieving improved terms for Greece. They were a test, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
Amid tense discussions, Greece found itself perilously on the brink of leaving the eurozone.
At stake was not only Greece's future and the punishing austerity policies demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating conditions were put to a popular referendum, an action that plunged the EU into a deeper crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, Tsipras had little option to ignore the result and negotiate a bailout package from creditors that proved to be tougher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself “unfit for a deal that required complex and sensitive management.”
Tsipras also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
