Within his recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the chaotic period of Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, Tsipras selected the unorthodox academic Varoufakis as the finance minister primarily due to the latter's global profile along with his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief possessed a personal agenda which included promoting his books and experimenting with his game theories on Greece instead of genuinely advocating the country's financial survival.
Tsipras wrote that the negotiations to avoid bankruptcy were “not only a way to secure a better deal for Greece. They became a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid volatile discussions, Greece came perilously close to exiting the single currency area.
On the line lay both Greece's future but also those severe austerity measures required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the harsh conditions were subjected to a popular referendum, a move which plunged the EU into further existential crisis.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result and negotiate a bailout package from foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
After the minister outlined a contingency plan that included establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, the author concludes that his former ally had proved himself “unsuitable for an agreement that required intricate and delicate management.”
He further claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
