Within his freshly published autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras selected that unorthodox economist Varoufakis as his finance minister primarily due to his international reputation and his very persuasive skills when it came to public orator.
“In reality, he was, in reality, more of a personality and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader alleges how Varoufakis had a personal agenda that included advancing his books as well as experimenting with his own theories using the nation rather than genuinely advocating its economic stability.
He wrote that the discussions to prevent bankruptcy were “not only a way of achieving a better deal for the country. They became an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
On the line was both the country's future but also those severe austerity policies demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were put to a public vote, a move which plunged the EU into further crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, Tsipras was forced to ignore the result and agree to a bailout package from creditors which proved to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a secondary currency as well as issuing coupons to pensioners, Tsipras knew it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unfit for a deal that required complex and delicate management.”
He also claimed how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of events has provoked fury along with shock in some quarters, while the former minister has kept a conspicuous quiet regarding these claims.
