Within his recently unveiled personal account, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on that chaotic era during Greece's economic turmoil.
A Controversial Choice
In Tsipras's account, Tsipras chose that maverick academic Varoufakis as the finance minister largely because of the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had a personal agenda that included promoting Varoufakis's publications and experimenting with his own economic models on the nation rather than genuinely advocating the country's financial survival.
Tsipras wrote how the talks to prevent insolvency were “not just a method to secure a better deal for the country. They became an experiment, an historic opportunity to prove the validity of his theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line was both the country's future and the punishing cutbacks demanded in exchange for financial aid by international creditors.
Failed Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the punitive bailout terms were subjected to a public vote, an action which plunged the EU into a deeper crisis of identity.
Although the referendum was carried decisively by those against the cuts, the prime minister was forced to ignore the result and agree to a bailout package with creditors which proved to be even harsher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When the minister proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself “unsuitable for an agreement demanding complex and delicate management.”
Tsipras also wrote how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were pushing for Grexit.
This retelling of history has been met with anger and shock among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
