In a recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he reflects on the chaotic period during Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's account, he chose the maverick economist Varoufakis to be the finance minister mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more of a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief had a personal motives which included advancing Varoufakis's publications and experimenting with his own economic models on the nation instead of truly fighting for the country's economic stability.
Tsipras explained how the negotiations to stave off insolvency were “not just a way of achieving improved terms for the country. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
During tense negotiations, the country found itself perilously close to exiting the eurozone.
At stake lay both Greece's destiny but also the severe austerity measures required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, those excoriating bailout terms were put to a public vote, a move that plunged the EU into a further crisis of identity.
Although the vote was won resoundingly by voters who opposed the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a parallel currency and distributing vouchers to retirees, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis had proved himself “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also wrote that Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while helped hawks who were advocating Grexit.
The retelling of history has provoked anger and shock in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
