In a newly released autobiography, titled Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits the chaotic era of Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's recollections, Tsipras selected that unorthodox economist Varoufakis as the treasury head primarily because of the latter's international reputation and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief possessed his own agenda that included advancing Varoufakis's publications and experimenting with his own game theories on the nation instead of genuinely fighting for the country's financial survival.
He noted how those negotiations to stave off bankruptcy were “not just a method of achieving improved terms for the country. They were a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came perilously on the brink of exiting the eurozone.
At stake was not only the country's future and the punishing austerity policies demanded in return for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum and Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move that threw Europe into deeper existential crisis.
Although the referendum was won resoundingly by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes how his former ally had proved himself to be “unsuitable for an agreement that required complex and delicate management.”
He further wrote that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and helped hawks who were pushing for Grexit.
This retelling of events has been met with anger along with shock in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
