In a freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he chose the unorthodox academic Varoufakis to be his finance minister primarily due to his global profile along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more like a personality rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own motives which involved advancing Varoufakis's books and testing out his theories using the nation instead of truly advocating its financial survival.
Tsipras explained that those discussions to prevent insolvency were “not just a way to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, the country found itself dangerously on the brink of exiting the single currency area.
On the line lay not only the country's future but also the severe austerity policies required in return for financial aid by international creditors.
Failed Options
Attempts to find funds elsewhere, including a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the punitive conditions were subjected to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Even though the vote was won decisively by voters who opposed austerity, Tsipras was forced to reject its outcome and agree to a rescue deal from creditors that proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a contingency plan that included creating a secondary currency as well as issuing vouchers to pensioners, Tsipras knew it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes how Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive management.”
He also claimed that his confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were advocating Grexit.
The account of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
