Within his recently unveiled memoir, titled Ithaki, the former leader Alexis Tsipras does not hold back as he revisits that chaotic period during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, Tsipras chose that maverick academic Varoufakis as the treasury head mainly because of the latter's international reputation and his highly compelling skills when it came to public orator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief possessed his own agenda that involved advancing Varoufakis's books as well as experimenting with his theories using Greece rather than genuinely fighting for the country's financial survival.
He explained that those negotiations to stave off insolvency were “not only a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came perilously on the brink of leaving the eurozone.
At stake was both Greece's destiny but also the punishing austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find financing from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the harsh conditions were put to a public vote, an action which plunged Europe into deeper existential crisis.
Even though the vote was won decisively by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a bailout package from foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, the leader knew it was game over questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for a deal demanding complex and sensitive management.”
He also claimed how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with anger and shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
