Within his recently unveiled autobiography, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits that chaotic period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, he chose the maverick economist Varoufakis to be the finance minister primarily due to his global profile along with his very persuasive skills as a communicator.
“In reality, he was, actually, more of a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis possessed his own motives which involved promoting Varoufakis's publications as well as experimenting with his economic models on the nation instead of truly fighting for the country's financial survival.
Tsipras noted how those negotiations to prevent bankruptcy became “not only a way of achieving a better deal for the country. They became an experiment, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country came dangerously close to leaving the eurozone.
On the line was not only the country's destiny but also the punishing cutbacks demanded in exchange for financial aid from foreign lenders.
Failed Options
Efforts to find financing elsewhere, including a desperate appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, a move that plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by those against the cuts, the prime minister had little option to ignore the result then negotiate a rescue deal from foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as issuing coupons to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself to be “unfit for a deal that required complex and delicate management.”
He also claimed that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
The account of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
