In a recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines that turbulent period of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's recollections, he chose that unorthodox economist Varoufakis to be his finance minister primarily because of his worldwide fame along with Varoufakis's very persuasive skills when it came to communicator.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges that his finance chief possessed his own motives that involved advancing his books and experimenting with his game theories on the nation instead of truly advocating its economic stability.
He explained that those discussions to prevent bankruptcy were “not only a method to secure a better deal for the country. They were a test, an historic chance to demonstrate the truth of his theories.”
High-Stakes Talks
Amid volatile discussions, Greece came dangerously close to exiting the single currency area.
At stake lay not only the country's destiny but also those harsh austerity measures required in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a public vote, a move which threw the EU into a deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister was forced to ignore the result then agree to a bailout package with creditors which proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate management.”
Tsipras further wrote how his aggressive approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating Grexit.
The retelling of events has provoked fury and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
