Within his recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras does not hold back while he revisits that turbulent period during Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras selected that maverick academic Varoufakis to be the treasury head primarily because of his international reputation and his very persuasive skills when it came to communicator.
“In reality, he was, truthfully, more of a personality and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief possessed his own agenda which involved advancing his books as well as experimenting with his theories on Greece instead of truly fighting for its financial survival.
He explained how those discussions to stave off insolvency became “not only a method of achieving improved terms for the country. They became a test, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster negotiations, Greece came perilously close to exiting the eurozone.
At stake was not only the country's destiny and those harsh cutbacks demanded in return for rescue loans from international creditors.
Failed Options
Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive bailout terms were put to a public vote, an action that threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those against austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes that his former ally had proved himself “unsuitable for a deal that required complex and delicate management.”
He further wrote that Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has provoked anger along with stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
