In a recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on that turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's recollections, he selected the maverick academic Varoufakis as his finance minister mainly because of his worldwide fame and his “extremely attractive” abilities as a speaker.
“In reality, he was, truthfully, more like a star rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims that Varoufakis had a personal agenda which included promoting Varoufakis's books and testing out his economic models on the nation instead of truly advocating its financial survival.
Tsipras noted how those negotiations to stave off insolvency were “not only a method of achieving improved terms for Greece. They were an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake lay not only Greece's future and the punishing austerity policies required in return for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
That summer, the harsh conditions were put to a public vote, an action which threw the EU into further crisis of identity.
Even though the referendum was carried resoundingly by those against the cuts, Tsipras was forced to ignore the result and negotiate a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency and issuing vouchers to retirees, the leader knew it was game over questioning him: “Is this for real?”
Lasting Criticism
In the book, the author asserts how Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
He also wrote how his confrontational style made him more and more alone with colleagues, endangered the country, while helped hawks that were advocating Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
