Within his freshly published personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the turbulent period during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, Tsipras selected the unorthodox economist Varoufakis to be his finance minister mainly due to the latter's international reputation and Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, actually, more like a celebrity rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief possessed his own motives which included advancing Varoufakis's publications as well as experimenting with his own economic models on Greece instead of genuinely advocating its economic stability.
He wrote how the talks to stave off bankruptcy were “not just a method of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously on the brink of exiting the eurozone.
At stake was both the country's future and the severe austerity measures demanded in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move that threw the EU into further crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome and negotiate a rescue deal from foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for a deal that required intricate and delicate handling.”
He further wrote that Varoufakis's confrontational style left him more and more alone among peers, endangered the country, while assisted hardliners who were pushing for Grexit.
This retelling of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
