In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras chose that maverick academic Varoufakis as the finance minister largely because of the latter's international reputation and Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras claims that Varoufakis possessed a personal motives that included promoting Varoufakis's books and experimenting with his theories on Greece rather than genuinely fighting for its economic stability.
Tsipras wrote that the negotiations to prevent insolvency became “not only a way to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During volatile discussions, Greece came perilously close to leaving the single currency area.
On the line lay both Greece's future but also the punishing austerity policies required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, an action that threw the EU into a further crisis of identity.
Even though the vote was carried decisively by those who opposed the cuts, Tsipras had little option to ignore the result then negotiate a rescue deal with creditors that proved to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
When the minister outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts that his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”
He further claimed how his confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
This account of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
