Within his recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on the turbulent era of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's account, Tsipras chose the maverick economist Varoufakis to be the finance minister largely because of the latter's worldwide fame and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, in reality, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed a personal motives which included promoting his publications and experimenting with his theories on the nation rather than genuinely fighting for the country's economic stability.
Tsipras noted that those talks to avoid bankruptcy were “not only a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously close to leaving the eurozone.
On the line lay both Greece's destiny but also the severe cutbacks demanded in return for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, an action which threw the EU into further existential crisis.
Although the referendum was carried decisively by voters who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a rescue deal from creditors which proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan involving creating a secondary currency and issuing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes how his former ally demonstrated himself to be “unfit for an agreement that required complex and sensitive handling.”
He also wrote that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of history has been met with fury and shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
