Within his freshly published autobiography, titled Ithaki, the former premier Alexis Tsipras does not hold back as he revisits that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, he chose that unorthodox academic Varoufakis as his finance minister largely because of the latter's worldwide fame along with Varoufakis's very persuasive abilities as a communicator.
“He was, in reality, more of a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal motives which included promoting Varoufakis's books as well as testing out his own theories on Greece instead of truly fighting for the country's economic stability.
Tsipras noted that those negotiations to prevent insolvency were “not just a way of achieving improved terms for the country. They were an experiment, an historic chance to prove the truth of his ideas.”
High-Stakes Talks
During tense negotiations, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's destiny and those punishing austerity measures demanded in return for bailout funds by international creditors.
Failed Options
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were put to a public vote, a move which threw the EU into a deeper existential crisis.
Even though the referendum was won resoundingly by voters who opposed austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with creditors that proved to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
