Within his newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the turbulent period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's version, he appointed the unorthodox economist Varoufakis to be his finance minister mainly because of his global profile and his very persuasive skills when it came to public orator.
“He was, truthfully, more of a personality and less of an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief possessed his own motives which involved advancing his books as well as experimenting with his economic models using Greece instead of truly advocating its financial survival.
He wrote that those negotiations to prevent bankruptcy were “not just a way of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid rollercoaster negotiations, the country came dangerously close to leaving the single currency area.
On the line lay both Greece's future but also those punishing austerity measures demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, an action that plunged Europe into further existential crisis.
Although the referendum was won decisively by voters who opposed austerity, the prime minister was forced to ignore the result then agree to a rescue deal from creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author asserts that Varoufakis had proved himself “unsuitable for a deal demanding intricate and sensitive management.”
He further wrote that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The retelling of events has been met with anger and shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
