Within his newly released autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines that chaotic period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, he chose the maverick economist Varoufakis to be the finance minister primarily due to the latter's international reputation and Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, actually, more like a celebrity rather than an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis possessed his own motives that involved advancing Varoufakis's publications as well as experimenting with his own economic models on the nation instead of truly advocating the country's financial survival.
Tsipras explained how the talks to prevent bankruptcy became “not just a way of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During tense discussions, the country found itself perilously close to leaving the single currency area.
At stake was both the country's destiny and the severe austerity policies demanded in exchange for rescue loans from foreign lenders.
Failed Options
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the punitive conditions were put to a popular referendum, an action which plunged the EU into a further existential crisis.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced to ignore the result then agree to a bailout package with foreign lenders which proved to be more severe.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan involving creating a secondary currency as well as distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the book, the author concludes how Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive management.”
Tsipras also claimed how his aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
This retelling of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
