Within his recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's recollections, Tsipras chose that unorthodox economist Varoufakis to be his finance minister largely due to the latter's international reputation and Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed a personal agenda which involved advancing his books and testing out his own theories on Greece rather than genuinely fighting for the country's financial survival.
Tsipras wrote how the talks to stave off bankruptcy became “not only a method to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came dangerously close to exiting the single currency area.
At stake was both Greece's future and those severe austerity measures demanded in exchange for bailout funds from foreign lenders.
Failed Options
Efforts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were subjected to a public vote, an action that threw Europe into deeper crisis of identity.
Even though the vote was carried decisively by voters who opposed austerity, the prime minister was forced but to ignore the result and agree to a bailout package from creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, the leader knew that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
He further wrote that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
