Within his recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines that chaotic period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, he appointed that unorthodox economist Varoufakis to be his treasury head primarily due to his international reputation along with his highly compelling skills as a public orator.
“In reality, he was, truthfully, more of a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims how his finance chief possessed a personal agenda which included promoting his books as well as testing out his own game theories using Greece instead of truly fighting for its financial survival.
He explained that those negotiations to prevent bankruptcy were “not only a method to secure a better deal for Greece. They became a test, an historic chance to prove the validity of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
At stake lay not only the country's future but also the harsh cutbacks demanded in return for rescue loans by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those harsh conditions were subjected to a public vote, a move which threw Europe into a deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed the cuts, the prime minister was forced to reject its outcome then agree to a bailout package from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”
He further wrote that Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
