Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines the chaotic period of Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, he selected that unorthodox academic Varoufakis to be his treasury head mainly due to his worldwide fame and his very persuasive skills as a speaker.
“He was, in reality, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed his own motives which involved advancing Varoufakis's publications and experimenting with his own theories on Greece instead of truly fighting for the country's economic stability.
Tsipras explained that those talks to prevent insolvency became “not just a method to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the truth of his ideas.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came dangerously close to leaving the eurozone.
On the line was not only Greece's future and the harsh austerity measures required in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the harsh conditions were put to a public vote, a move that threw the EU into a deeper existential crisis.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a rescue deal from creditors that proved to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement that required complex and delicate management.”
He further claimed that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
This account of events has been met with fury along with shock among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
