In a newly released autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected that maverick economist Varoufakis to be his treasury head primarily because of his international reputation and Varoufakis's “extremely attractive” skills as a communicator.
“He was, actually, more like a star and less of an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis had a personal agenda which included advancing his publications as well as experimenting with his own theories on the nation instead of truly advocating its financial survival.
Tsipras explained that those discussions to stave off insolvency were “not just a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country found itself perilously close to exiting the eurozone.
At stake was both Greece's future and the punishing cutbacks demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were subjected to a public vote, a move that threw Europe into deeper crisis of identity.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras had little option to ignore the result then agree to a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency and distributing vouchers to retirees, the leader said he realised it was the end questioning him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
This retelling of history has been met with fury and shock among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.
