In a freshly published autobiography, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines the chaotic period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, Tsipras chose the unorthodox academic Varoufakis to be his finance minister mainly due to the latter's worldwide fame along with Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more of a star rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis had a personal motives that included advancing his books as well as testing out his theories using Greece instead of genuinely advocating the country's financial survival.
He explained how those negotiations to avoid insolvency were “not only a way to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of his ideas.”
Critical Talks
Amid volatile negotiations, Greece came dangerously on the brink of exiting the eurozone.
At stake was not only Greece's destiny but also those punishing austerity policies required in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, an action that plunged the EU into deeper existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister had little option to ignore the result and agree to a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts that his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras also claimed how his aggressive style made him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating Grexit.
This account of history has been met with anger and shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
