In a recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that turbulent era during Greece's debt drama.
A Controversial Appointment
In the ex-PM's version, he selected the maverick economist Varoufakis as his finance minister mainly because of his global profile along with his highly compelling abilities as a communicator.
“In reality, he was, truthfully, more like a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis had his own agenda that involved advancing Varoufakis's books and experimenting with his economic models using Greece rather than truly fighting for the country's economic stability.
Tsipras wrote that those discussions to prevent bankruptcy became “not only a way of achieving improved terms for Greece. They became an experiment, a monumental opportunity to prove the validity of his economic theories.”
Critical Talks
Amid rollercoaster discussions, Greece found itself dangerously close to exiting the eurozone.
On the line was not only the country's future but also those severe austerity measures demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were subjected to a public vote, a move that plunged the EU into a deeper crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a secondary currency and issuing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Enduring Criticism
In the book, the author concludes that Varoufakis demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
He also wrote that his confrontational style left him more and more alone with colleagues, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
The account of events has been met with fury along with shock in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
