In a freshly published autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the turbulent period during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's recollections, he selected that maverick academic Varoufakis as his treasury head primarily due to the latter's international reputation along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras claims how Varoufakis had a personal motives which involved advancing his books and testing out his own game theories using Greece rather than truly fighting for the country's financial survival.
He explained how those discussions to prevent insolvency became “not just a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
Critical Talks
Amid volatile negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was both the country's destiny and the harsh austerity measures required in exchange for rescue loans by foreign lenders.
Failed Options
Efforts to secure financing from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the excoriating conditions were subjected to a public vote, a move which threw Europe into further existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome then agree to a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew publicity, who graced the covers of magazines globally … it seemed he relished his new role.”
After the minister proposed a contingency plan that included creating a parallel currency and distributing coupons to retirees, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts that Varoufakis had proved himself to be “unfit for an agreement that required intricate and sensitive handling.”
He further wrote how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has been met with anger along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
