Within his newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on the turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's account, Tsipras chose that unorthodox academic Varoufakis to be his treasury head primarily because of his global profile and his “extremely attractive” skills as a communicator.
“He was, actually, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests that Varoufakis had his own agenda that included advancing his publications as well as experimenting with his theories on the nation instead of truly advocating the country's financial survival.
He wrote that the negotiations to avoid insolvency were “not only a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was not only Greece's destiny and those punishing cutbacks demanded in exchange for rescue loans from international creditors.
Failed Options
Efforts to find financing from other sources, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that threw Europe into a further crisis of identity.
Although the referendum was carried resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result and negotiate a bailout package with foreign lenders that turned out to be more severe.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished his new role.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required complex and delicate handling.”
Tsipras also claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were pushing for Grexit.
The retelling of events has been met with anger and shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
