In a newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits the turbulent period during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's account, he appointed that maverick economist Varoufakis as his treasury head primarily due to his global profile and Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more like a personality and less of an economist,” stated Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis had his own agenda that involved advancing his publications and testing out his economic models using Greece instead of genuinely fighting for its financial survival.
Tsipras noted that the discussions to stave off bankruptcy became “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During tense negotiations, the country came perilously close to exiting the eurozone.
On the line lay both the country's future but also the punishing cutbacks required in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were put to a public vote, an action which plunged the EU into a deeper existential crisis.
Even though the referendum was won resoundingly by those against austerity, the prime minister was forced but to ignore the result and negotiate a bailout package from creditors which turned out to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”
He also claimed how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
The account of history has been met with anger along with stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.
