In a freshly published autobiography, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines the turbulent era of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's recollections, Tsipras appointed the unorthodox academic Varoufakis to be the finance minister largely due to the latter's worldwide fame and his very persuasive skills when it came to speaker.
“In reality, he was, actually, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis had his own agenda which involved advancing Varoufakis's books as well as testing out his own game theories on the nation instead of genuinely fighting for its financial survival.
Tsipras noted that the negotiations to prevent insolvency became “not only a way of achieving a better deal for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came perilously on the brink of leaving the eurozone.
On the line lay not only Greece's future and those punishing austerity measures required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into further existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister had little option to ignore the result then agree to a rescue deal with creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the book, the author asserts that Varoufakis demonstrated himself “unsuitable for a deal that required intricate and delicate handling.”
He further wrote that his confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
