In a freshly published personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on that turbulent era of Greece's debt drama.
A Controversial Choice
According to Tsipras's account, Tsipras chose the maverick economist Varoufakis as his finance minister primarily due to his worldwide fame along with Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges how Varoufakis possessed his own motives that involved promoting his publications as well as testing out his own economic models on the nation rather than truly advocating the country's economic stability.
He noted that the discussions to avoid bankruptcy became “not just a way to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of his theories.”
Critical Negotiations
During tense negotiations, Greece came perilously close to leaving the eurozone.
On the line was both Greece's future and those harsh cutbacks required in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to find funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
That summer, the harsh conditions were put to a public vote, a move which plunged the EU into deeper existential crisis.
Even though the vote was carried resoundingly by voters against austerity, Tsipras had little option but to ignore the result and agree to a bailout package with creditors that proved to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate management.”
He also claimed that his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
