In a newly released autobiography, named Ithaki, the ex- leader Alexis Tsipras pulls no punches as he examines that turbulent period during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras selected the unorthodox academic Varoufakis to be the treasury head largely due to his global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more like a star rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal motives that involved promoting his publications and testing out his economic models using Greece instead of truly fighting for its financial survival.
He wrote how those talks to prevent bankruptcy were “not only a way to secure improved terms for the country. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously close to leaving the eurozone.
On the line was both the country's destiny and those harsh austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating conditions were put to a popular referendum, an action that plunged Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal with creditors that turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy that included creating a parallel currency as well as distributing vouchers to retirees, the leader knew that it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required complex and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of events has been met with fury and shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
