In a freshly published memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism while he examines that turbulent era during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, he chose that unorthodox academic Varoufakis as the treasury head largely because of the latter's international reputation along with Varoufakis's very persuasive skills as a public orator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief possessed his own agenda which involved promoting his publications and experimenting with his game theories on Greece rather than genuinely advocating the country's financial survival.
He explained that those negotiations to stave off bankruptcy were “not only a method of achieving improved terms for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was both the country's destiny but also the punishing austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were put to a popular referendum, an action that plunged Europe into deeper existential crisis.
Although the vote was carried decisively by those against the cuts, the prime minister was forced but to reject its outcome and negotiate a bailout package with creditors which proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy involving creating a secondary currency as well as distributing coupons to pensioners, the leader knew that it was the end questioning him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
He further wrote that his confrontational style left him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for Grexit.
The retelling of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
