Within his recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras does not hold back while he examines the chaotic era of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's recollections, he appointed that unorthodox academic Varoufakis as the treasury head largely due to the latter's global profile along with Varoufakis's very persuasive skills as a communicator.
“He was, in reality, more like a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis had a personal motives which included promoting his books and testing out his own theories using Greece instead of truly advocating the country's financial survival.
Tsipras noted that the discussions to avoid bankruptcy were “not just a method to secure improved terms for the country. They became an experiment, an historic chance to prove the validity of his theories.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously on the brink of exiting the eurozone.
At stake was both Greece's destiny but also those punishing austerity policies required in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the vote was carried decisively by voters against austerity, Tsipras had little option but to ignore the result and negotiate a bailout package from creditors that proved to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who drew publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, the author concludes how his former ally demonstrated himself “unsuitable for a deal that required complex and delicate handling.”
He further wrote how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hardliners that were advocating Grexit.
The retelling of events has been met with anger and stunned disbelief among certain groups, whereas the former minister has kept a deafening silence regarding these claims.
