Within his recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism while he revisits that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's account, he chose the unorthodox academic Varoufakis to be his finance minister largely because of his global profile along with his “extremely attractive” skills as a public orator.
“In reality, he was, truthfully, more of a star rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis had a personal motives that included advancing his books as well as testing out his theories using the nation rather than genuinely fighting for the country's economic stability.
He noted that the talks to prevent bankruptcy became “not just a method to secure a better deal for the country. They were an experiment, a monumental chance to prove the validity of his theories.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously on the brink of leaving the eurozone.
At stake lay not only the country's destiny but also the harsh austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were put to a public vote, an action that threw Europe into a deeper crisis of identity.
Even though the referendum was won decisively by those against austerity, Tsipras had little option to reject its outcome and negotiate a rescue deal from creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
He also claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
