In a recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he examines that chaotic era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's version, Tsipras appointed the maverick economist Varoufakis as his finance minister primarily due to the latter's worldwide fame along with Varoufakis's highly compelling abilities when it came to public orator.
“He was, actually, more like a star and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had his own agenda which involved promoting Varoufakis's books as well as experimenting with his own theories on Greece instead of truly advocating the country's economic stability.
He noted that those talks to stave off insolvency became “not only a method to secure improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
Amid rollercoaster negotiations, the country found itself dangerously close to exiting the eurozone.
At stake lay both the country's destiny and those punishing cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the punitive conditions were put to a popular referendum, a move which threw the EU into further existential crisis.
Although the referendum was won resoundingly by those against the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive management.”
He further claimed that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
