Within his recently unveiled personal account, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he reflects on that turbulent era of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's recollections, he selected the maverick economist Varoufakis to be his finance minister largely due to his global profile and his highly compelling abilities as a public orator.
“He was, actually, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief had his own agenda which involved promoting his books and experimenting with his game theories using the nation instead of truly advocating the country's financial survival.
Tsipras explained how the negotiations to prevent bankruptcy were “not just a method of achieving improved terms for Greece. They were a test, an historic chance to prove the truth of Varoufakis's theories.”
Critical Negotiations
During rollercoaster discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake was not only Greece's destiny but also those punishing cutbacks required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the excoriating conditions were put to a popular referendum, a move that threw the EU into further existential crisis.
Even though the vote was carried decisively by those against austerity, Tsipras had little option to reject its outcome then agree to a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras knew it was game over and asked him: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal that required complex and delicate management.”
Tsipras also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hardliners that were advocating Grexit.
The account of history has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
