In a freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, Tsipras selected the unorthodox academic Varoufakis as the treasury head primarily because of his worldwide fame and Varoufakis's very persuasive skills as a communicator.
“He was, in reality, more of a star rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief had his own motives that involved promoting Varoufakis's publications as well as testing out his economic models using the nation instead of genuinely advocating its economic stability.
Tsipras wrote how the discussions to avoid bankruptcy became “not just a method to secure a better deal for Greece. They were a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.
At stake lay both Greece's destiny and those severe cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Although the vote was carried decisively by those against austerity, the prime minister was forced to reject its outcome then negotiate a bailout package from foreign lenders that proved to be more severe.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as distributing coupons to retirees, the leader said he realised it was game over and asked him: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”
He further wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of history has been met with fury along with shock among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
