Within his freshly published autobiography, titled Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines the chaotic period during Greece's financial crisis.
A Controversial Appointment
In Tsipras's recollections, Tsipras appointed that maverick economist Varoufakis as the treasury head mainly due to his international reputation along with his very persuasive abilities when it came to public orator.
“In reality, he was, in reality, more of a star and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras claims that his finance chief possessed his own agenda that involved promoting Varoufakis's publications and testing out his theories using Greece rather than genuinely fighting for its economic stability.
He explained how the discussions to prevent insolvency were “not only a way to secure a better deal for Greece. They were an experiment, an historic opportunity to prove the validity of his theories.”
High-Stakes Talks
During tense discussions, the country found itself perilously on the brink of exiting the single currency area.
At stake was not only the country's future and the punishing cutbacks required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those harsh conditions were put to a popular referendum, an action which plunged Europe into deeper crisis of identity.
Although the referendum was won decisively by voters against the cuts, Tsipras was forced to reject its outcome and agree to a bailout package with creditors that proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After the minister outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”
He further wrote how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
This retelling of history has been met with anger and shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
