In a freshly published autobiography, called Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits that turbulent period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, Tsipras appointed that unorthodox academic Varoufakis to be his finance minister primarily due to the latter's international reputation and his highly compelling abilities when it came to public orator.
“He was, in reality, more of a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief had his own motives which involved advancing Varoufakis's publications and testing out his theories on Greece instead of genuinely advocating the country's economic stability.
He wrote that those negotiations to avoid insolvency were “not only a way to secure a better deal for Greece. They became a test, an historic chance to prove the validity of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country came perilously on the brink of leaving the eurozone.
At stake was not only the country's future but also those severe cutbacks demanded in return for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those punitive conditions were put to a popular referendum, a move that threw Europe into a deeper existential crisis.
Although the referendum was won decisively by those against austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal with creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding intricate and delicate management.”
Tsipras further wrote how his aggressive style made him increasingly isolated with colleagues, endangered the country, while helped hardliners that were advocating Grexit.
The account of history has provoked fury along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
