In a newly released autobiography, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he reflects on that turbulent era during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's account, he appointed that unorthodox economist Varoufakis as the finance minister mainly due to the latter's international reputation along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief had his own agenda which involved promoting his books and testing out his own theories using the nation instead of truly fighting for its financial survival.
Tsipras noted how those talks to avoid insolvency were “not just a method of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself perilously on the brink of leaving the eurozone.
At stake lay not only the country's future and the punishing austerity policies demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package with foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, the leader said he realised it was game over questioning him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
He further claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This account of history has provoked anger along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
