Within his freshly published memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism while he revisits that chaotic era during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, he selected that unorthodox academic Varoufakis as the treasury head largely due to his worldwide fame along with his very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how Varoufakis had a personal motives that included promoting his books as well as experimenting with his economic models on the nation rather than genuinely advocating the country's economic stability.
He noted how the talks to avoid insolvency became “not just a method of achieving a better deal for Greece. They became a test, a monumental chance to prove the truth of his economic theories.”
Critical Negotiations
Amid tense negotiations, Greece came dangerously close to leaving the single currency area.
On the line was not only Greece's future but also those harsh austerity policies demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those excoriating conditions were put to a public vote, an action that plunged the EU into further existential crisis.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced to ignore the result then negotiate a rescue deal from foreign lenders which turned out to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
He further claimed that Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were advocating Grexit.
This retelling of history has provoked fury along with stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
