Within his recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on that chaotic era during Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's version, Tsipras appointed the unorthodox academic Varoufakis as the treasury head largely because of the latter's global profile along with his “extremely attractive” skills as a communicator.
“In reality, he was, in reality, more of a star rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief had his own motives that included advancing Varoufakis's publications and experimenting with his economic models on the nation rather than genuinely fighting for its economic stability.
He wrote that those talks to stave off bankruptcy were “not just a method of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously close to exiting the single currency area.
On the line was both the country's destiny but also the harsh austerity measures demanded in return for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive conditions were put to a public vote, an action that plunged Europe into further existential crisis.
Although the vote was carried decisively by voters who opposed the cuts, Tsipras was forced to ignore the result and agree to a bailout package from foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further claimed how his confrontational style left him more and more alone with colleagues, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence on the matter.
