In a freshly published autobiography, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism while he revisits that chaotic era during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he appointed the unorthodox academic Varoufakis as the treasury head primarily because of the latter's international reputation and Varoufakis's highly compelling abilities when it came to communicator.
“He was, actually, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras alleges how his finance chief had his own motives that included promoting Varoufakis's books as well as testing out his economic models using the nation rather than genuinely fighting for the country's economic stability.
Tsipras wrote that those discussions to stave off bankruptcy became “not only a method of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of his ideas.”
High-Stakes Talks
Amid volatile negotiations, the country found itself dangerously on the brink of leaving the single currency area.
On the line lay not only Greece's destiny but also those punishing cutbacks required in exchange for bailout funds from international creditors.
Failed Options
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and Reversal
That summer, those punitive bailout terms were put to a public vote, a move which plunged the EU into a deeper existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency and issuing coupons to retirees, the leader knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that his former ally had proved himself to be “unsuitable for an agreement demanding complex and sensitive management.”
He further wrote how his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has provoked anger and shock among certain groups, while Varoufakis has maintained a deafening silence regarding these claims.
