In a newly released memoir, titled Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on the turbulent era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, he appointed that maverick academic Varoufakis to be the finance minister primarily because of his international reputation and Varoufakis's very persuasive abilities when it came to speaker.
“He was, truthfully, more like a star and less of an economist,” stated Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed a personal agenda which included promoting Varoufakis's publications and experimenting with his economic models on the nation rather than genuinely advocating the country's economic stability.
Tsipras wrote that the negotiations to prevent insolvency were “not only a method of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece found itself perilously close to exiting the eurozone.
At stake lay both Greece's future but also those severe cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive conditions were put to a popular referendum, a move which threw the EU into a further crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal with creditors which proved to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis outlined a contingency plan that included creating a parallel currency and distributing coupons to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He further wrote that his confrontational style made him more and more alone with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
