Within his newly released personal account, called Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that turbulent era of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, he selected that maverick academic Varoufakis to be the treasury head mainly due to the latter's international reputation and Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, actually, more like a personality rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader claims how Varoufakis had a personal agenda that included advancing Varoufakis's books as well as testing out his economic models on Greece instead of truly advocating its economic stability.
Tsipras wrote that the talks to stave off bankruptcy became “not just a method of achieving improved terms for the country. They were an experiment, an historic chance to prove the truth of his economic theories.”
Critical Talks
Amid rollercoaster discussions, Greece came perilously close to exiting the eurozone.
At stake was not only Greece's destiny and those punishing austerity measures demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, an action that plunged Europe into deeper crisis of identity.
Although the vote was carried decisively by those who opposed austerity, Tsipras had little option but to reject its outcome and agree to a bailout package from foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, 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.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote that Varoufakis's aggressive style left him more and more alone among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has provoked anger along with shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
