Within his newly released personal account, named Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that chaotic era during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, he selected that maverick economist Varoufakis to be the finance minister largely due to his worldwide fame along with his highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis possessed a personal agenda that involved promoting his publications as well as experimenting with his own theories using Greece instead of truly fighting for the country's economic stability.
Tsipras wrote that the negotiations to stave off bankruptcy were “not only a method of achieving improved terms for the country. They were a test, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came perilously on the brink of exiting the eurozone.
On the line was both Greece's destiny and the punishing austerity policies required in return for financial aid by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that threw the EU into deeper crisis of identity.
Even though the vote was won decisively by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package from creditors that proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras knew it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
He further wrote how Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, while helped hardliners who were pushing for Grexit.
The retelling of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
