In a recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on the chaotic era of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's version, Tsipras chose that unorthodox economist Varoufakis to be his treasury head primarily because of his worldwide fame along with Varoufakis's “extremely attractive” skills as a speaker.
“He was, actually, more of a personality and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims how his finance chief had a personal agenda that involved promoting Varoufakis's books as well as testing out his economic models using Greece rather than genuinely fighting for the country's financial survival.
Tsipras wrote how the talks to avoid insolvency were “not just a method to secure a better deal for Greece. They were a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
Amid tense negotiations, Greece found itself dangerously close to leaving the single currency area.
At stake lay not only the country's future but also the harsh austerity policies required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were put to a public vote, a move that threw Europe into deeper crisis of identity.
Although the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome and agree to a bailout package from foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who drew media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
