In a recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on that turbulent era of Greece's economic turmoil.
A Controversial Choice
According to Tsipras's account, Tsipras selected the maverick academic Varoufakis as the finance minister mainly because of his global profile and Varoufakis's “extremely attractive” skills as a communicator.
“He was, actually, more of a star and less of an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief had his own agenda that involved advancing his publications as well as testing out his theories on the nation instead of truly fighting for its financial survival.
He wrote that those discussions to stave off insolvency became “not only a method of achieving a better deal for the country. They became an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During tense discussions, Greece came dangerously close to leaving the single currency area.
At stake was both Greece's destiny but also the harsh cutbacks required in exchange for rescue loans from international creditors.
Failed Options
Attempts to secure funds from other sources, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating conditions were put to a public vote, an action that plunged Europe into a further existential crisis.
Even though the vote was won decisively by voters against the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency as well as issuing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, Tsipras concludes how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive handling.”
He also wrote that his confrontational style left him increasingly isolated among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger along with shock among certain groups, whereas Varoufakis has kept a deafening silence regarding these claims.
