In a freshly published autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits that turbulent period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, Tsipras chose that unorthodox economist Varoufakis as his finance minister mainly due to his global profile and Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, actually, more like a personality rather than an economist,” recalled Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed a personal motives which involved promoting his publications and experimenting with his game theories using Greece rather than truly advocating its economic stability.
He wrote that those negotiations to stave off insolvency became “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's destiny but also those punishing austerity measures demanded in return for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action that threw Europe into deeper existential crisis.
Even though the vote was carried resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result then agree to a rescue deal from creditors that turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras further wrote how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
The retelling of events has provoked fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
