In a newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he revisits that chaotic era during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's version, Tsipras chose the unorthodox economist Varoufakis to be his finance minister mainly due to the latter's international reputation and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief had his own motives that included promoting his books and testing out his own theories using the nation rather than truly advocating its financial survival.
He wrote that the negotiations to stave off bankruptcy were “not just a method of achieving improved terms for the country. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came dangerously close to leaving the single currency area.
On the line was both the country's destiny but also those harsh austerity measures required in return for rescue loans from international creditors.
Failed Options
Efforts to secure funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, an action that plunged the EU into deeper crisis of identity.
Although the vote was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”
He also claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
