Within his freshly published autobiography, named Ithaki, the former leader Alexis Tsipras spares no criticism while he examines the turbulent period of Greece's financial crisis.
An Unconventional Choice
In Tsipras's account, he selected that unorthodox economist Varoufakis as the finance minister mainly because of his worldwide fame along with Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, truthfully, more like a star and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that his finance chief had his own motives which included advancing his publications as well as experimenting with his own theories using Greece rather than genuinely fighting for its economic stability.
Tsipras wrote that the discussions to stave off bankruptcy were “not only a method of achieving improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
Critical Negotiations
During rollercoaster discussions, the country found itself dangerously close to exiting the single currency area.
On the line lay not only the country's future but also those punishing cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the harsh conditions were put to a popular referendum, a move that threw Europe into a deeper existential crisis.
Although the vote was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome then negotiate a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
He further wrote how his confrontational style left him more and more alone with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The account of history has provoked fury and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
