Within his newly released autobiography, titled Ithaki, the former premier Alexis Tsipras does not hold back while he revisits that turbulent period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, Tsipras selected that unorthodox academic Varoufakis to be his finance minister mainly due to the latter's worldwide fame and his very persuasive abilities as a public orator.
“He was, truthfully, more of a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief possessed a personal motives that included promoting his publications as well as experimenting with his own theories on Greece instead of truly advocating its financial survival.
He explained that those discussions to prevent insolvency were “not only a way of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country came dangerously on the brink of exiting the eurozone.
On the line was both the country's future and those punishing cutbacks required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to find financing elsewhere, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those harsh bailout terms were subjected to a popular referendum, a move which plunged the EU into a further existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for an agreement that required complex and delicate handling.”
Tsipras further wrote that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while helped hardliners that were pushing for Grexit.
The account of history has been met with fury along with shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
