Within his freshly published autobiography, titled Ithaki, the former leader Alexis Tsipras does not hold back as he revisits that chaotic period during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, Tsipras selected that unorthodox academic Varoufakis to be the finance minister mainly due to his worldwide fame along with his very persuasive skills as a communicator.
“He was, in reality, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis had a personal motives which included promoting his publications as well as experimenting with his own economic models using the nation rather than genuinely advocating its economic stability.
He explained that those negotiations to prevent bankruptcy were “not only a method to secure a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Talks
During rollercoaster negotiations, Greece came perilously close to exiting the eurozone.
At stake lay both Greece's future and those harsh cutbacks demanded in exchange for financial aid by foreign lenders.
Failed Options
Attempts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, an action which plunged the EU into a deeper crisis of identity.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome and agree to a bailout package with foreign lenders which proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for a deal that required intricate and sensitive management.”
Tsipras also claimed that Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
The account of events has been met with fury along with stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
