In a recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on the chaotic period during Greece's debt drama.
A Controversial Choice
As per Tsipras's account, he selected the maverick academic Varoufakis to be his treasury head mainly because of his worldwide fame along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more of a celebrity rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief had his own agenda which included advancing Varoufakis's publications and testing out his own game theories on the nation rather than truly fighting for its economic stability.
Tsipras noted that those talks to stave off insolvency were “not only a way to secure a better deal for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
During rollercoaster discussions, Greece found itself dangerously on the brink of exiting the eurozone.
At stake was not only the country's destiny but also those harsh austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those excoriating bailout terms were put to a public vote, a move which plunged Europe into further existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, the prime minister was forced to ignore the result then negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis demonstrated himself “unfit for an agreement that required complex and delicate management.”
He also wrote that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
