Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras does not hold back as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected that maverick academic Varoufakis to be the finance minister primarily because of the latter's global profile and Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, truthfully, more of a personality rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader claims how his finance chief had his own motives that involved promoting his books as well as experimenting with his own economic models on the nation rather than truly fighting for the country's financial survival.
Tsipras wrote that those talks to avoid bankruptcy became “not only a way to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his theories.”
Critical Talks
Amid tense negotiations, Greece came dangerously close to exiting the eurozone.
At stake was both the country's destiny but also those harsh cutbacks required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those harsh conditions were put to a popular referendum, an action that threw the EU into further existential crisis.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result and agree to a bailout package from creditors that turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes that his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He also wrote that his confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked anger and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
