Within his newly released personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on that chaotic era of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's account, he selected that maverick academic Varoufakis as the finance minister mainly because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis had his own agenda that included promoting Varoufakis's books as well as experimenting with his theories using the nation instead of truly advocating the country's economic stability.
He noted how those negotiations to avoid insolvency became “not only a method of achieving a better deal for the country. They were a test, a monumental opportunity to prove the validity of his ideas.”
Critical Talks
Amid rollercoaster negotiations, Greece came dangerously on the brink of exiting the single currency area.
At stake lay not only Greece's future but also the severe austerity policies required in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to find financing from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the punitive conditions were put to a public vote, an action that threw Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package with creditors which proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes how his former ally demonstrated himself “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also wrote how his aggressive approach made him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
The account of history has provoked anger and shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
