In a freshly published autobiography, called Ithaki, the ex- leader Alexis Tsipras pulls no punches as he examines that chaotic era during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, Tsipras appointed the maverick academic Varoufakis as his finance minister mainly due to the latter's global profile and his highly compelling abilities when it came to public orator.
“He was, in reality, more of a personality rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras claims that his finance chief possessed a personal motives which involved advancing his publications as well as experimenting with his own theories on the nation instead of genuinely advocating the country's economic stability.
Tsipras wrote that the discussions to prevent bankruptcy became “not only a method of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster discussions, the country came dangerously close to exiting the single currency area.
On the line was not only the country's destiny and those severe cutbacks demanded in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, a move which threw Europe into a further crisis of identity.
Even though the vote was won resoundingly by those against the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with creditors which proved to be more severe.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras knew that it was the end and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts that his former ally had proved himself to be “unfit for an agreement that required complex and sensitive handling.”
He further wrote how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
