Within his freshly published autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that turbulent period during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's version, he chose that unorthodox academic Varoufakis as his finance minister mainly because of his worldwide fame and his very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more like a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own agenda which involved advancing his publications and experimenting with his own theories on the nation rather than truly advocating the country's economic stability.
Tsipras explained how those talks to avoid insolvency became “not only a way to secure a better deal for the country. They were an experiment, an historic chance to demonstrate the validity of his ideas.”
Critical Talks
During tense negotiations, Greece came perilously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny and the harsh austerity policies required in exchange for financial aid by foreign lenders.
Failed Options
Attempts to find funds from other sources, such as a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
That summer, the harsh conditions were subjected to a popular referendum, a move which threw the EU into a deeper existential crisis.
Although the referendum was won decisively by those against the cuts, Tsipras was forced but to ignore the result and negotiate a bailout package with foreign lenders that proved to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis had proved himself “unsuitable for an agreement demanding complex and delicate management.”
He further claimed how Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
