Within his freshly published memoir, named Ithaki, the former leader Alexis Tsipras does not hold back while he revisits that chaotic era of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, Tsipras selected that unorthodox academic Varoufakis as the treasury head largely because of his international reputation along with his highly compelling abilities as a public orator.
“He was, truthfully, more like a star rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis had his own motives which included advancing Varoufakis's publications as well as experimenting with his game theories on the nation instead of truly fighting for its economic stability.
He noted that the negotiations to stave off insolvency were “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid tense discussions, the country came dangerously on the brink of exiting the eurozone.
At stake was both Greece's destiny and those harsh austerity policies required in return for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, a move that threw the EU into deeper existential crisis.
Even though the vote was carried decisively by those against austerity, the prime minister was forced but to ignore the result and agree to a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a secondary currency and distributing vouchers to pensioners, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury and shock in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
