In a recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that turbulent era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, he selected the unorthodox academic Varoufakis to be the treasury head largely due to the latter's worldwide fame along with his very persuasive abilities as a public orator.
“He was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges that his finance chief had his own motives that included advancing Varoufakis's publications and testing out his economic models using the nation rather than genuinely fighting for its economic stability.
Tsipras explained that those talks to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They were an experiment, an historic chance to prove the truth of his economic theories.”
Critical Talks
Amid volatile negotiations, Greece came perilously on the brink of leaving the single currency area.
At stake was both the country's future and the punishing austerity policies demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a public vote, an action that plunged the EU into deeper existential crisis.
Although the vote was carried decisively by voters against the cuts, the prime minister was forced to ignore the result then agree to a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency and distributing coupons to pensioners, Tsipras knew it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras concludes how his former ally had proved himself “unfit for an agreement demanding intricate and delicate handling.”
He also wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, and helped hawks that were advocating Grexit.
The retelling of events has provoked fury and shock in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
