Within his freshly published autobiography, called Ithaki, the former leader Alexis Tsipras pulls no punches as he examines that chaotic period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, Tsipras selected that unorthodox economist Varoufakis to be the finance minister primarily due to the latter's international reputation and his highly compelling abilities as a public orator.
“In reality, he was, actually, more like a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis had his own motives that included advancing Varoufakis's publications and experimenting with his own economic models using the nation rather than genuinely advocating the country's financial survival.
Tsipras explained that the discussions to stave off insolvency were “not just a way of achieving improved terms for the country. They were a test, an historic opportunity to prove the validity of his ideas.”
Critical Talks
Amid rollercoaster discussions, Greece came perilously close to leaving the eurozone.
At stake lay both Greece's future but also those punishing austerity policies demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the punitive conditions were subjected to a public vote, a move which threw Europe into deeper crisis of identity.
Even though the vote was won decisively by voters against the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal with creditors which turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was game over questioning him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive management.”
Tsipras also claimed that Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, while helped hawks who were advocating Grexit.
The account of events has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
