In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, Tsipras selected the maverick economist Varoufakis to be his treasury head primarily because of his international reputation and his “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more of a celebrity and less of an economist,” stated the 51-year-old.
Clashing Priorities
The former leader suggests that Varoufakis possessed a personal agenda which involved promoting Varoufakis's books and testing out his own theories on Greece instead of genuinely fighting for the country's financial survival.
He wrote how those talks to stave off bankruptcy were “not only a method to secure a better deal for Greece. They became a test, a monumental opportunity to prove the validity of his theories.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
At stake was both the country's destiny and those punishing austerity measures demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Efforts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the harsh conditions were subjected to a popular referendum, a move which plunged Europe into a further crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome and agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author asserts how his former ally demonstrated himself to be “unfit for an agreement that required intricate and sensitive management.”
He further wrote how his confrontational approach made him increasingly isolated with colleagues, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The account of events has been met with anger along with shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
