In a newly released autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on the turbulent era during Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's account, he chose the maverick academic Varoufakis as the finance minister primarily due to his worldwide fame and his highly compelling skills as a speaker.
“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges that his finance chief had his own motives which included advancing his books and testing out his economic models on the nation instead of genuinely advocating the country's financial survival.
Tsipras noted that those discussions to prevent insolvency were “not just a way to secure a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's theories.”
Critical Talks
During tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was not only the country's destiny but also those punishing austerity measures required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Referendum and U-Turn
That summer, the punitive conditions were put to a public vote, a move which threw the EU into a deeper existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also wrote how his aggressive style left him more and more alone with colleagues, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.
This retelling of events has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
