In a freshly published autobiography, named Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on the chaotic era during Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, Tsipras selected the unorthodox economist Varoufakis as his treasury head largely due to the latter's worldwide fame and Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis possessed a personal motives that included advancing his publications and testing out his game theories on Greece instead of truly fighting for its economic stability.
Tsipras wrote that those talks to stave off bankruptcy were “not only a way of achieving improved terms for the country. They were a test, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, the country came dangerously close to leaving the single currency area.
On the line was both the country's destiny but also those punishing austerity policies required in return for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the excoriating bailout terms were put to a public vote, a move that threw the EU into a further existential crisis.
Even though the vote was carried resoundingly by voters against austerity, the prime minister was forced to ignore the result then agree to a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed that 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 front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a contingency plan that included creating a parallel currency and issuing coupons to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
He also wrote that his aggressive approach left him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of events has provoked anger and shock among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
