In a newly released autobiography, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on that turbulent period of Greece's debt drama.
A Controversial Appointment
As per Tsipras's recollections, he selected the maverick economist Varoufakis to be his treasury head largely due to his international reputation along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, truthfully, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras alleges how his finance chief had his own agenda which included advancing his books and experimenting with his own economic models using Greece instead of truly advocating the country's economic stability.
Tsipras wrote that the talks to stave off insolvency became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During volatile discussions, the country came perilously on the brink of leaving the eurozone.
At stake lay not only the country's future and those punishing austerity measures demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the harsh conditions were subjected to a public vote, an action which plunged the EU into a deeper crisis of identity.
Even though the vote was carried decisively by voters against austerity, Tsipras was forced but to ignore the result then agree to a bailout package from creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing coupons to pensioners, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He also claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This retelling of history has been met with fury along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence on the matter.
