In a recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits the turbulent period of Greece's debt drama.
An Unconventional Choice
According to the ex-PM's account, he chose that maverick economist Varoufakis as the finance minister primarily due to the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief had a personal agenda that involved advancing Varoufakis's publications as well as experimenting with his game theories using the nation rather than genuinely fighting for the country's financial survival.
He wrote how those discussions to avoid bankruptcy were “not just a way to secure a better deal for Greece. They were an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came dangerously close to leaving the eurozone.
At stake lay both Greece's future but also those punishing cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the harsh bailout terms were put to a public vote, an action that plunged the EU into deeper existential crisis.
Although the vote was carried resoundingly by voters against austerity, the prime minister had little option but to reject its outcome and agree to a rescue deal with foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan that included creating a secondary currency and distributing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, the author asserts how his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence on the matter.