In a freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines that chaotic period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, Tsipras selected the maverick academic Varoufakis to be the finance minister primarily due to the latter's worldwide fame along with his very persuasive abilities when it came to speaker.
“In reality, he was, actually, more like a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief possessed his own motives that included promoting his publications and testing out his economic models using the nation instead of genuinely advocating the country's economic stability.
Tsipras explained that the negotiations to avoid bankruptcy became “not only a way to secure a better deal for the country. They were a test, a monumental chance to prove the truth of his theories.”
High-Stakes Negotiations
During tense discussions, Greece came dangerously close to leaving the single currency area.
On the line lay not only the country's future but also the harsh austerity measures required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to find funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and Reversal
That summer, those harsh bailout terms were subjected to a public vote, a move which threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package from creditors that proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency and distributing coupons to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for Grexit.
The retelling of events has been met with fury and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
