In a recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that chaotic period of Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, Tsipras appointed that maverick economist Varoufakis to be the finance minister mainly due to the latter's worldwide fame along with his highly compelling abilities as a public orator.
“In reality, he was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief had a personal agenda that included advancing Varoufakis's books and experimenting with his own game theories on the nation instead of truly fighting for the country's economic stability.
Tsipras wrote that the discussions to avoid bankruptcy became “not just a method of achieving improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of his ideas.”
Critical Negotiations
During volatile negotiations, the country found itself perilously close to exiting the eurozone.
On the line was not only Greece's future but also the harsh austerity measures required in return for bailout funds from international creditors.
Failed Options
Efforts to find funds from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were subjected to a popular referendum, a move which plunged the EU into deeper existential crisis.
Although the vote was carried decisively by voters against the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, the author concludes how his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with fury along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
