Within his recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on that chaotic era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's recollections, he selected that unorthodox economist Varoufakis to be the finance minister primarily because of the latter's international reputation and his “extremely attractive” skills when it came to communicator.
“He was, in reality, more like a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had his own motives which involved promoting his publications and experimenting with his own theories using the nation instead of genuinely fighting for its financial survival.
Tsipras explained how those negotiations to prevent insolvency became “not only a way of achieving a better deal for Greece. They became a test, an historic opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
On the line was not only the country's future but also the punishing austerity policies required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.
Although the referendum was carried decisively by those who opposed austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts how his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive handling.”
He also wrote how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and shock among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
