Within his freshly published memoir, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines the turbulent era of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's version, he chose the unorthodox academic Varoufakis to be the finance minister primarily because of the latter's international reputation and Varoufakis's very persuasive skills as a speaker.
“In reality, he was, truthfully, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader claims that his finance chief had his own agenda which included promoting his books and experimenting with his own theories on the nation rather than truly fighting for the country's economic stability.
Tsipras explained how the talks to prevent insolvency were “not only a way to secure a better deal for Greece. They became an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid volatile discussions, the country found itself perilously on the brink of exiting the eurozone.
At stake lay not only Greece's future and the severe austerity policies demanded in exchange for rescue loans from international creditors.
Failed Options
Efforts to find funds from other sources, such as an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were subjected to a public vote, an action that plunged the EU into a deeper existential crisis.
Even though the vote was won decisively by voters against austerity, Tsipras was forced to reject its outcome then agree to a bailout package from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency and issuing vouchers to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required complex and delicate handling.”
He further claimed that Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
The account of events has provoked fury and shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
