In a freshly published memoir, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the turbulent era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, Tsipras appointed the maverick academic Varoufakis to be his treasury head mainly because of the latter's global profile and Varoufakis's highly compelling skills as a speaker.
“In reality, he was, in reality, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis possessed his own motives which included advancing Varoufakis's publications and testing out his own economic models on the nation rather than genuinely advocating its financial survival.
He explained how the discussions to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They were a test, an historic chance to prove the truth of Varoufakis's theories.”
Critical Talks
Amid tense discussions, the country came perilously close to exiting the eurozone.
At stake lay both Greece's destiny and the punishing cutbacks required in return for financial aid from international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the harsh bailout terms were put to a public vote, a move that threw the EU into further existential crisis.
Although the vote was won resoundingly by those who opposed austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate management.”
Tsipras further claimed that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief in some quarters, while the former minister has so far kept a deafening silence on the matter.
