Within his freshly published memoir, called Ithaki, the former leader Alexis Tsipras does not hold back as he revisits the chaotic period of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's version, he selected that maverick academic Varoufakis to be his finance minister largely due to his worldwide fame and Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief had a personal agenda which involved promoting Varoufakis's books and testing out his theories on the nation rather than truly fighting for its economic stability.
Tsipras wrote how those discussions to avoid bankruptcy became “not only a way of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Talks
Amid rollercoaster negotiations, the country came perilously on the brink of leaving the single currency area.
On the line lay both Greece's destiny and the harsh austerity policies demanded in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
That summer, those harsh conditions were put to a popular referendum, a move which threw the EU into further existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with creditors which turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive management.”
He further wrote how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
This account of events has provoked anger along with shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
