In a recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that chaotic period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, Tsipras selected the maverick academic Varoufakis to be the treasury head mainly due to the latter's international reputation and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more of a star rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief possessed a personal motives which included promoting Varoufakis's publications as well as experimenting with his economic models on the nation rather than truly advocating its economic stability.
Tsipras explained how those negotiations to prevent insolvency became “not only a way of achieving improved terms for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During tense negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
On the line was not only the country's destiny but also the punishing austerity policies demanded in return for financial aid from international creditors.
Failed Options
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were put to a public vote, a move that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving creating a secondary currency and distributing vouchers to pensioners, the leader said he realised that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal that required complex and delicate handling.”
Tsipras also claimed how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
This retelling of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
