In a freshly published personal account, named Ithaki, the former leader Alexis Tsipras spares no criticism while he examines that turbulent era during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's account, Tsipras appointed that unorthodox economist Varoufakis as his finance minister largely because of the latter's international reputation along with Varoufakis's very persuasive skills as a public orator.
“In reality, he was, truthfully, more like a star rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges how his finance chief possessed his own agenda which included promoting his books as well as experimenting with his economic models on the nation rather than genuinely advocating its economic stability.
Tsipras explained how the discussions to avoid bankruptcy were “not only a method of achieving improved terms for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line lay both the country's destiny but also those harsh austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the harsh conditions were put to a public vote, a move which plunged Europe into further crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result and negotiate a bailout package from creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency and distributing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
Tsipras further wrote how his confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
