In a recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on that chaotic period of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, Tsipras appointed the maverick academic Varoufakis to be his finance minister primarily because of his global profile along with his highly compelling skills when it came to communicator.
“He was, in reality, more like a star rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had his own motives that included advancing his books as well as testing out his own theories using the nation rather than genuinely fighting for its financial survival.
Tsipras wrote that those discussions to prevent insolvency were “not only a method to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid volatile negotiations, the country came dangerously on the brink of exiting the eurozone.
At stake was not only the country's future but also the harsh austerity measures demanded in return for rescue loans from international creditors.
Unsuccessful Options
Efforts to find financing from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action which threw the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to ignore the result and negotiate a bailout package from creditors which proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a secondary currency and issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes how his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”
Tsipras also wrote how his aggressive style left him increasingly isolated among peers, endangered the country, while helped hardliners who were pushing for Grexit.
This retelling of events has provoked anger along with stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
