Within his freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines that turbulent era during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's version, Tsipras appointed that maverick academic Varoufakis to be his treasury head primarily because of the latter's worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“He was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges that his finance chief possessed his own motives which included advancing his books and testing out his economic models on Greece instead of genuinely advocating its economic stability.
Tsipras explained that the talks to avoid insolvency became “not just a way to secure improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During volatile discussions, the country came perilously on the brink of exiting the eurozone.
At stake lay both the country's future and the harsh austerity measures demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, an action which plunged Europe into deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the covers of publications the world over … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included creating a secondary currency as well as issuing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required complex and sensitive handling.”
He also wrote that his confrontational style left him more and more alone with colleagues, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
