In a recently unveiled autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, Tsipras chose that maverick economist Varoufakis as the treasury head primarily due to his global profile along with Varoufakis's very persuasive skills when it came to public orator.
“He was, truthfully, more like a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed his own agenda that included promoting his books and testing out his economic models on the nation instead of truly fighting for the country's financial survival.
He explained that the talks to prevent insolvency were “not only a method of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake was both the country's future but also those severe austerity measures required in exchange for financial aid by foreign lenders.
Failed Options
Efforts to secure funds from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into further existential crisis.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option but to reject its outcome and negotiate a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who appeared on the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
Tsipras also wrote that his aggressive approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
The account of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
