In a recently unveiled personal account, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits the turbulent period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that unorthodox economist Varoufakis to be his finance minister primarily because of the latter's worldwide fame and his very persuasive abilities as a public orator.
“He was, actually, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief possessed his own agenda that included promoting his publications as well as testing out his own theories on Greece instead of genuinely advocating the country's financial survival.
Tsipras noted how the talks to stave off bankruptcy became “not just a method to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, the country came perilously on the brink of exiting the single currency area.
On the line lay not only Greece's future but also the punishing austerity measures demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the harsh bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the vote was carried decisively by those who opposed austerity, Tsipras was forced to reject its outcome and negotiate a rescue deal with creditors that turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
He further wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were pushing for Grexit.
This account of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
