In a recently unveiled memoir, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, Tsipras selected that unorthodox economist Varoufakis as his finance minister largely due to his worldwide fame along with Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, actually, more like a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges how Varoufakis had a personal agenda which included advancing his books as well as testing out his own economic models using the nation instead of genuinely fighting for the country's financial survival.
He noted how the negotiations to prevent bankruptcy were “not only a method to secure improved terms for Greece. They became an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster negotiations, the country found itself dangerously on the brink of exiting the eurozone.
At stake was not only Greece's destiny and the harsh austerity measures required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were put to a popular referendum, an action that plunged the EU into a deeper existential crisis.
Even though the vote was won resoundingly by those against austerity, Tsipras was forced to reject its outcome then agree to a bailout package with foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included establishing a parallel currency and issuing coupons to retirees, Tsipras knew it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis had proved himself “unsuitable for an agreement demanding intricate and sensitive management.”
He further claimed how Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
