In a recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras does not hold back as he examines that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's account, he selected that maverick economist Varoufakis to be the finance minister mainly because of his worldwide fame along with his highly compelling abilities when it came to public orator.
“He was, in reality, more like a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal agenda that included advancing Varoufakis's books and testing out his game theories on Greece instead of genuinely advocating its financial survival.
Tsipras noted that those negotiations to stave off insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's destiny but also those harsh austerity policies demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the harsh bailout terms were subjected to a public vote, a move which threw the EU into a deeper crisis of identity.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option but to ignore the result and agree to a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over questioning him: “Are you serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras also claimed how Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, and assisted hardliners who were advocating Grexit.
The account of events has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
