In a recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's account, he selected the unorthodox academic Varoufakis as the finance minister primarily because of the latter's international reputation and his “extremely attractive” skills as a speaker.
“He was, truthfully, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own motives which involved advancing Varoufakis's books as well as testing out his own economic models using Greece rather than genuinely fighting for its financial survival.
He noted that those negotiations to avoid bankruptcy were “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of exiting the eurozone.
At stake was not only Greece's future and the severe austerity policies required in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were put to a public vote, an action that threw Europe into deeper existential crisis.
Even though the referendum was carried decisively by voters against austerity, Tsipras was forced to reject its outcome then agree to a rescue deal with foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts how his former ally had proved himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras also claimed that his aggressive style made him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of events has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
