In a freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back as he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras selected that unorthodox academic Varoufakis as his finance minister largely due to the latter's global profile and his very persuasive abilities as a communicator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
The former leader claims that his finance chief possessed a personal motives that included promoting his publications and experimenting with his own theories on the nation instead of truly advocating the country's economic stability.
He noted how the negotiations to stave off insolvency became “not only a method of achieving improved terms for the country. They became a test, a monumental opportunity to demonstrate the validity of his ideas.”
Critical Talks
During tense negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake was both Greece's future but also those severe austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those punitive conditions were put to a popular referendum, a move which threw the EU into further crisis of identity.
Even though the referendum was carried resoundingly by those against the cuts, Tsipras had little option to reject its outcome then agree to a bailout package with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan involving creating a parallel currency and distributing coupons to pensioners, the leader knew that it was game over questioning him: “Can you be serious?”
Enduring Criticism
In the book, the author concludes that his former ally had proved himself “unfit for an agreement demanding intricate and delicate management.”
Tsipras further wrote that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
This account of history has been met with anger along with shock among certain groups, whereas the former minister has so far kept a deafening silence regarding these claims.
