Within his newly released personal account, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on that turbulent era of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, Tsipras selected that unorthodox economist Varoufakis to be the finance minister primarily because of his worldwide fame and Varoufakis's highly compelling skills as a speaker.
“He was, in reality, more like a star rather than an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed a personal agenda which included promoting his books and testing out his own economic models on the nation instead of truly advocating its financial survival.
He wrote how those negotiations to stave off insolvency were “not just a method of achieving improved terms for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
Critical Talks
During tense discussions, Greece found itself dangerously close to exiting the single currency area.
On the line lay not only the country's destiny but also those harsh cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were subjected to a public vote, a move that plunged Europe into a further crisis of identity.
Although the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a bailout package with creditors which proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
In the book, Tsipras asserts how his former ally demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
Tsipras also claimed how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
This retelling of history has been met with anger and shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
