In a newly released personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on the chaotic era during Greece's debt drama.
An Unconventional Choice
In the ex-PM's version, Tsipras appointed the unorthodox academic Varoufakis as his treasury head largely because of the latter's global profile along with Varoufakis's highly compelling abilities as a speaker.
“In reality, he was, actually, more like a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims that Varoufakis had his own agenda that involved advancing Varoufakis's books and experimenting with his own economic models on Greece instead of genuinely advocating its financial survival.
He explained that the talks to stave off bankruptcy were “not just a method to secure improved terms for the country. They were a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously close to exiting the eurozone.
On the line was not only the country's destiny and those severe austerity measures required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the harsh conditions were put to a public vote, an action that threw the EU into further existential crisis.
Although the referendum was carried decisively by those against austerity, the prime minister had little option but to ignore the result then agree to a rescue deal from creditors that proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, the leader knew it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, the author asserts how Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and sensitive handling.”
He also claimed that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief among certain groups, while the former minister has maintained a deafening silence on the matter.
