In a recently unveiled autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he revisits that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's account, Tsipras selected that maverick economist Varoufakis to be the finance minister largely due to the latter's worldwide fame along with his very persuasive skills when it came to speaker.
“He was, truthfully, more like a celebrity and less of an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader suggests that Varoufakis possessed a personal motives which included promoting his publications as well as experimenting with his theories on Greece rather than truly fighting for the country's economic stability.
Tsipras wrote that the talks to prevent insolvency became “not just a way of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of his theories.”
Critical Talks
During volatile discussions, the country found itself dangerously close to exiting the eurozone.
On the line was both Greece's future but also the punishing austerity measures required in return for rescue loans from foreign lenders.
Failed Options
Attempts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the harsh conditions were put to a public vote, a move that threw the EU into further crisis of identity.
Although the vote was won resoundingly by voters against the cuts, the prime minister had little option to reject its outcome then agree to a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and issuing coupons to pensioners, Tsipras said he realised it was game over and asked him: “Is this for real?”
Lasting Rebuke
In the book, the author concludes that his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
He also wrote how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked anger and shock in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
