In a recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism while he examines that turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras chose the maverick academic Varoufakis to be his finance minister largely because of his global profile and Varoufakis's highly compelling abilities when it came to communicator.
“He was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims that Varoufakis possessed a personal agenda which included advancing his publications as well as testing out his own theories using the nation rather than genuinely advocating its financial survival.
He explained how the discussions to prevent bankruptcy were “not just a way of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece came dangerously close to leaving the single currency area.
On the line lay not only Greece's future and those harsh austerity measures required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the punitive conditions were put to a popular referendum, a move that plunged the EU into further crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package from creditors that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a secondary currency and issuing vouchers to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the book, the author concludes that his former ally demonstrated himself “unfit for an agreement demanding complex and sensitive handling.”
He further wrote that his aggressive approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This retelling of events has provoked anger along with shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
