In a recently unveiled memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that chaotic period during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he chose that unorthodox economist Varoufakis as his finance minister largely due to the latter's worldwide fame and Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, in reality, more of a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis had his own motives that involved advancing his books as well as experimenting with his theories using Greece rather than genuinely fighting for its economic stability.
Tsipras explained how the discussions to avoid bankruptcy became “not only a way of achieving a better deal for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster discussions, the country found itself perilously close to leaving the eurozone.
At stake lay not only the country's future but also the severe cutbacks demanded in return for rescue loans by international creditors.
Failed Options
Efforts to find financing from other sources, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the harsh conditions were put to a popular referendum, an action which threw Europe into deeper crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The account of events has provoked anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
