Within his recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that chaotic period during Greece's financial crisis.
A Controversial Choice
In Tsipras's account, he selected the maverick academic Varoufakis to be the treasury head mainly due to the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more of a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis had his own motives that involved promoting Varoufakis's books as well as testing out his own game theories on the nation rather than genuinely fighting for its financial survival.
Tsipras explained that the talks to prevent insolvency were “not only a way of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During volatile negotiations, the country found itself dangerously close to exiting the single currency area.
On the line lay not only Greece's future but also the punishing austerity measures required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those harsh conditions were put to a public vote, a move that plunged the EU into further existential crisis.
Even though the vote was won decisively by those against the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package from creditors which turned out to be more severe.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency and distributing vouchers to pensioners, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”
He also claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
The account of events has provoked anger and stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
