In a freshly published personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the turbulent period during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, Tsipras selected that unorthodox economist Varoufakis as the finance minister primarily because of the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests that Varoufakis possessed his own motives which involved advancing Varoufakis's publications as well as testing out his economic models using Greece instead of genuinely fighting for the country's economic stability.
He wrote that those discussions to avoid bankruptcy became “not just a method of achieving improved terms for Greece. They were a test, a monumental opportunity to prove the validity of Varoufakis's theories.”
Critical Talks
During rollercoaster discussions, the country came perilously close to leaving the single currency area.
On the line lay not only the country's destiny and the severe austerity measures required in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive conditions were put to a public vote, a move which threw the EU into further existential crisis.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras had little option but to ignore the result and agree to a bailout package from creditors which turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency as well as issuing coupons to pensioners, the leader said he realised it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts that his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
He also claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked anger along with shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
