In a recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits the chaotic period during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's account, he chose the maverick academic Varoufakis as the finance minister primarily due to his worldwide fame along with his very persuasive skills when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader claims that his finance chief had his own agenda that included promoting Varoufakis's books and experimenting with his theories on the nation instead of truly fighting for its economic stability.
Tsipras explained that the talks to stave off bankruptcy were “not only a way of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
During volatile discussions, Greece came dangerously on the brink of exiting the eurozone.
On the line was not only the country's destiny but also the severe cutbacks required in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was 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 U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, an action which plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister was forced to ignore the result then agree to a bailout package from foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the book, the author concludes that Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras also wrote how his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
