In a freshly published memoir, called Ithaki, the former premier Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's recollections, he selected the maverick academic Varoufakis as the finance minister primarily because of the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a public orator.
“He was, actually, more like a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own motives which included promoting his publications and experimenting with his economic models using the nation instead of genuinely fighting for its financial survival.
Tsipras explained that those negotiations to prevent bankruptcy became “not just a method to secure a better deal for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay both Greece's destiny but also the severe austerity measures required in exchange for rescue loans from foreign lenders.
Failed Options
Efforts to secure financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that plunged Europe into a further crisis of identity.
Although the vote was won resoundingly by those against austerity, Tsipras had little option but to ignore the result and agree to a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis had proved himself “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further wrote that his aggressive style made him more and more alone among peers, endangered the country, and assisted hawks who were advocating Grexit.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
