Within his newly released autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that turbulent era during Greece's financial crisis.
A Controversial Choice
In Tsipras's recollections, Tsipras chose that unorthodox academic Varoufakis to be the finance minister primarily because of his global profile and his highly compelling skills as a public orator.
“He was, actually, more like a celebrity and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras claims that his finance chief possessed a personal motives which included promoting Varoufakis's books as well as experimenting with his own theories on Greece rather than truly fighting for the country's economic stability.
Tsipras wrote that the discussions to avoid bankruptcy were “not only a way of achieving a better deal for the country. They were a test, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's future and those harsh austerity measures required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those punitive conditions were subjected to a public vote, an action which threw Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by those against austerity, Tsipras was forced to reject its outcome and negotiate a bailout package with creditors which proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts how his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
