In a recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras does not hold back as he examines the chaotic period during Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected that maverick economist Varoufakis as the finance minister mainly due to the latter's global profile and Varoufakis's very persuasive skills when it came to public orator.
“He was, truthfully, more of a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims how Varoufakis possessed a personal motives which included promoting his books as well as testing out his economic models on Greece rather than truly advocating its financial survival.
He noted how the talks to stave off insolvency were “not just a way of achieving improved terms for the country. They were an experiment, a monumental chance to prove the truth of his economic theories.”
High-Stakes Talks
During volatile discussions, the country came perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny but also those punishing austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those punitive conditions were put to a public vote, an action that threw Europe into further existential crisis.
Although the vote was carried resoundingly by those against the cuts, the prime minister was forced but to ignore the result and negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy 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 Rebuke
Within the book, Tsipras asserts that his former ally had proved himself to be “unfit for a deal that required intricate and sensitive handling.”
He also wrote that Varoufakis's confrontational style left him more and more alone among peers, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has been met with fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
