Within his newly released autobiography, titled Ithaki, the former premier Alexis Tsipras does not hold back as he revisits the turbulent period during Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, Tsipras selected that maverick academic Varoufakis as the finance minister primarily because of the latter's worldwide fame along with his “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more of a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had a personal agenda that involved promoting Varoufakis's publications as well as testing out his game theories using the nation instead of genuinely advocating the country's financial survival.
He explained how those negotiations to avoid bankruptcy became “not just a method to secure a better deal for Greece. They became a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid tense discussions, the country found itself dangerously close to exiting the single currency area.
On the line was both the country's destiny and those punishing austerity policies required in exchange for bailout funds by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent appeal to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating conditions were put to a public vote, an action which plunged the EU into deeper crisis of identity.
Although the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result and negotiate a bailout package from creditors that proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy that included creating a secondary currency and distributing vouchers to pensioners, Tsipras knew it was game over and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself “unfit for an agreement that required intricate and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
This account of events has been met with fury and stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
