Within his recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras does not hold back as he revisits that chaotic era of Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, he appointed that maverick economist Varoufakis to be the finance minister mainly because of the latter's international reputation along with Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief had a personal agenda that included advancing Varoufakis's books and experimenting with his theories using the nation rather than truly advocating its economic stability.
He noted how those talks to prevent bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
Critical Talks
During volatile negotiations, Greece came perilously on the brink of leaving the single currency area.
At stake lay not only Greece's future but also those harsh austerity measures demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action which plunged the EU into further existential crisis.
Although the vote was carried decisively by voters against austerity, Tsipras was forced to ignore the result and negotiate a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of magazines globally … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras knew it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and delicate management.”
Tsipras further wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were advocating Grexit.
The retelling of events has been met with fury along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
