Within his freshly published memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches as he examines the turbulent era of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's version, he selected that maverick academic Varoufakis as his treasury head primarily due to the latter's global profile and Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, actually, more like a star and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader claims that his finance chief had a personal agenda that included promoting his publications and experimenting with his theories on the nation rather than truly fighting for its economic stability.
Tsipras noted how those discussions to stave off bankruptcy were “not just a method to secure a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously on the brink of leaving the eurozone.
On the line was not only the country's destiny but also the harsh austerity policies demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, an action which threw Europe into a further existential crisis.
Although the vote was carried resoundingly by those against the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package from foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who graced the front pages of magazines globally … he gave the impression he relished his new role.”
When the minister outlined a backup strategy involving creating a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He further claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger along with stunned disbelief in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
