Within his freshly published memoir, called Ithaki, the former leader Alexis Tsipras does not hold back as he revisits that chaotic era during Greece's debt drama.
A Controversial Choice
In Tsipras's account, Tsipras selected the unorthodox academic Varoufakis as the treasury head primarily because of his worldwide fame along with Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, in reality, more like a personality and less of an economist,” wrote Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis had his own motives which included advancing his publications as well as testing out his game theories using the nation instead of truly fighting for the country's financial survival.
He explained that those discussions to prevent bankruptcy were “not just a method of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile discussions, the country came perilously on the brink of leaving the eurozone.
At stake lay both Greece's destiny but also the harsh austerity policies demanded in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, those punitive conditions were put to a public vote, a move which threw Europe into further existential crisis.
Although the vote was carried resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then agree to a bailout package with foreign lenders that proved to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy that included creating a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras further wrote that Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
