In a recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's account, Tsipras chose that unorthodox academic Varoufakis as the finance minister largely due to the latter's international reputation along with Varoufakis's “extremely attractive” abilities when it came to speaker.
“He was, in reality, more of a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief possessed a personal agenda that involved promoting Varoufakis's books as well as testing out his own economic models on Greece instead of truly fighting for its financial survival.
Tsipras explained how those talks to avoid bankruptcy were “not only a method to secure improved terms for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously close to exiting the eurozone.
On the line lay not only the country's destiny but also those severe austerity measures required in return for financial aid by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move which threw the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by voters against the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal from foreign lenders which proved to be tougher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing coupons to retirees, the leader knew it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes how his former ally had proved himself to be “unfit for an agreement that required complex and sensitive handling.”
He also wrote that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
