In a recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines the chaotic era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's version, Tsipras appointed that unorthodox economist Varoufakis as his treasury head largely because of the latter's global profile and Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, actually, more like a personality and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims how his finance chief possessed his own motives which involved advancing his publications as well as testing out his own economic models on Greece rather than genuinely advocating the country's economic stability.
He noted that the discussions to stave off insolvency became “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line was not only the country's future and the harsh cutbacks required in return for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, the excoriating conditions were put to a popular referendum, a move which threw the EU into deeper existential crisis.
Even though the vote was carried decisively by voters against austerity, the prime minister had little option but to reject its outcome and agree to a bailout package from creditors that turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
He further wrote that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked anger and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
