Within his freshly published autobiography, titled Ithaki, the former premier Alexis Tsipras does not hold back while he examines the turbulent period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, Tsipras appointed the maverick academic Varoufakis as his treasury head primarily because of his worldwide fame and Varoufakis's highly compelling abilities when it came to speaker.
“He was, in reality, more like a celebrity and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal motives which involved advancing his publications and experimenting with his own theories on Greece instead of truly advocating the country's economic stability.
He wrote that the talks to avoid bankruptcy were “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During tense discussions, the country came dangerously close to leaving the eurozone.
At stake lay both the country's destiny but also those punishing cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those harsh bailout terms were put to a popular referendum, an action which plunged Europe into deeper crisis of identity.
Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced but to ignore the result then agree to a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the covers of publications the world over … it seemed he relished his new role.”
When the minister proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to pensioners, Tsipras knew it was game over questioning him: “Is this for real?”
Enduring Rebuke
In the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also claimed that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with anger along with shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.
