In a recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, he chose the maverick economist Varoufakis as his finance minister mainly because of the latter's global profile along with Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, in reality, more like a star rather than an economist,” stated Tsipras.
Clashing Agendas
Tsipras claims that his finance chief had his own agenda that included advancing his publications and experimenting with his game theories using the nation rather than genuinely advocating the country's financial survival.
He wrote that those talks to prevent bankruptcy were “not only a method of achieving a better deal for the country. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During tense discussions, Greece came dangerously on the brink of exiting the single currency area.
At stake lay both the country's future but also the punishing austerity policies required in exchange for rescue loans by international creditors.
Failed Options
Attempts to find funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, a move which plunged Europe into further crisis of identity.
Even though the referendum was carried decisively by those against austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
When the minister proposed a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
The retelling of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.
