In a recently unveiled autobiography, named Ithaki, the former premier Alexis Tsipras does not hold back while he revisits that chaotic era during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, he selected that maverick economist Varoufakis to be his finance minister largely because of the latter's global profile and his “extremely attractive” skills as a communicator.
“He was, truthfully, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief possessed his own agenda that involved promoting Varoufakis's books and experimenting with his economic models on Greece instead of genuinely fighting for its financial survival.
Tsipras explained how those negotiations to stave off insolvency were “not just a way to secure a better deal for the country. They were a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, the country found itself perilously close to exiting the eurozone.
At stake was not only the country's future and the punishing austerity measures demanded in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those punitive conditions were subjected to a popular referendum, an action that threw Europe into a further crisis of identity.
Although the referendum was won decisively by voters against austerity, the prime minister had little option to ignore the result then negotiate a rescue deal with creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing coupons to pensioners, the leader said he realised it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the book, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote how Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for Grexit.
The retelling of events has been met with fury along with shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
