In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that unorthodox economist Varoufakis as the treasury head primarily because of the latter's international reputation and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief possessed his own agenda that involved advancing his books as well as experimenting with his own theories on Greece instead of truly fighting for its economic stability.
Tsipras wrote that those discussions to prevent insolvency were “not only a way of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself perilously close to exiting the single currency area.
On the line lay both Greece's future but also the punishing austerity measures required in return for financial aid from international creditors.
Unsuccessful Options
Efforts to find funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those harsh bailout terms were put to a public vote, a move that threw Europe into a deeper crisis of identity.
Even though the vote was won resoundingly by those against austerity, Tsipras was forced but to reject its outcome then negotiate a bailout package from creditors which proved to be tougher.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras further claimed that Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
The account of history has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
