In a newly released personal account, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits that turbulent period during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, Tsipras chose that unorthodox academic Varoufakis to be the finance minister mainly because of the latter's global profile and Varoufakis's “extremely attractive” skills as a public orator.
“He was, actually, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims that his finance chief had a personal agenda that included promoting his publications as well as testing out his own theories on Greece rather than truly fighting for its economic stability.
He explained that the discussions to prevent insolvency became “not only a method to secure a better deal for the country. They were a test, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid volatile negotiations, the country came perilously close to leaving the single currency area.
At stake was not only the country's future and the harsh austerity measures demanded in return for financial aid from foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action which plunged the EU into further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras was forced but to ignore the result then agree to a bailout package with creditors which proved to be tougher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Are you serious?”
Enduring Criticism
In the book, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras also wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
The account of history has provoked fury and stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
