Within his newly released autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the chaotic era during Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, Tsipras appointed that unorthodox academic Varoufakis to be the finance minister mainly because of the latter's international reputation and his highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more of a star rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives which included advancing Varoufakis's publications and experimenting with his game theories using Greece instead of truly fighting for its financial survival.
Tsipras wrote that the negotiations to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During rollercoaster negotiations, the country came dangerously on the brink of exiting the eurozone.
At stake lay not only the country's destiny and those punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were put to a public vote, an action that threw Europe into deeper crisis of identity.
Although the referendum was won decisively by those who opposed the cuts, Tsipras was forced but to ignore the result then negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis demonstrated himself “unsuitable for a deal demanding complex and sensitive management.”
He also claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked anger along with stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
