In a recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits the chaotic era during Greece's debt drama.
An Unconventional Appointment
In Tsipras's version, Tsipras selected that maverick economist Varoufakis to be his finance minister primarily because of the latter's global profile along with Varoufakis's very persuasive abilities when it came to communicator.
“He was, truthfully, more of a personality and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief possessed a personal agenda that included advancing Varoufakis's publications and experimenting with his own theories on the nation rather than genuinely fighting for the country's economic stability.
Tsipras explained how those negotiations to stave off insolvency were “not just a way of achieving a better deal for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid tense discussions, Greece came perilously close to exiting the single currency area.
At stake was both Greece's future but also those severe cutbacks demanded in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were put to a public vote, a move which threw the EU into further crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome and agree to a rescue deal from foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself “unfit for an agreement demanding complex and delicate handling.”
He also wrote how his aggressive style left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with shock among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
