Within his freshly published autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on that turbulent period during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's account, he chose that unorthodox economist Varoufakis as the finance minister largely due to the latter's worldwide fame along with Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, actually, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed his own motives that involved promoting his books as well as testing out his own economic models on the nation rather than genuinely fighting for the country's economic stability.
He wrote how those discussions to stave off bankruptcy were “not only a way of achieving improved terms for Greece. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
During volatile discussions, Greece came perilously on the brink of exiting the single currency area.
On the line was not only Greece's future but also the punishing austerity policies required in return for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were put to a popular referendum, a move which plunged Europe into a further crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, Tsipras had little option but to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally had proved himself to be “unsuitable for a deal demanding complex and delicate management.”
He also claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating Grexit.
The account of history has been met with anger and shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.
