Within his freshly published autobiography, called Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on that chaotic era of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, Tsipras selected the maverick academic Varoufakis as the treasury head mainly because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed a personal motives that involved advancing Varoufakis's publications and experimenting with his theories on Greece instead of genuinely fighting for the country's economic stability.
Tsipras explained that those negotiations to avoid bankruptcy were “not only a method to secure a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.
At stake was not only Greece's destiny and those harsh cutbacks required in exchange for rescue loans from international creditors.
Failed Options
Attempts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, a move that threw the EU into further existential crisis.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister was forced to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He also claimed that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
The account of events has been met with fury along with shock among certain groups, while the former minister has kept a deafening silence on the matter.
