Within his freshly published autobiography, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras chose that maverick academic Varoufakis to be the treasury head largely due to the latter's global profile along with Varoufakis's highly compelling skills when it came to speaker.
“He was, in reality, more like a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis possessed his own agenda that involved promoting his books as well as experimenting with his own game theories using the nation instead of genuinely fighting for the country's financial survival.
He explained that the discussions to stave off insolvency were “not just a way to secure a better deal for the country. They became an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During tense discussions, the country came perilously close to exiting the single currency area.
On the line was both the country's destiny and those severe austerity measures required in return for rescue loans from foreign lenders.
Failed Options
Attempts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, an action which threw the EU into a further crisis of identity.
Although the vote was won decisively by those who opposed austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
He also wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
