Within his freshly published autobiography, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the turbulent era during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's recollections, he selected the unorthodox academic Varoufakis as his finance minister primarily due to his worldwide fame along with Varoufakis's very persuasive skills as a speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own motives that included promoting Varoufakis's books as well as testing out his own theories on the nation instead of truly fighting for its financial survival.
He noted how those talks to prevent insolvency were “not only a way to secure a better deal for Greece. They were a test, a monumental opportunity to prove the truth of his theories.”
High-Stakes Talks
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake was not only the country's destiny but also the severe austerity policies demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
That summer, the harsh bailout terms were subjected to a public vote, an action that threw Europe into further existential crisis.
Although the referendum was carried decisively by those who opposed austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
He further wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
