Within his newly released memoir, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's debt drama.
A Controversial Appointment
In Tsipras's recollections, he chose the maverick economist Varoufakis to be his treasury head mainly because of his international reputation along with his highly compelling skills as a speaker.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis possessed his own motives that included advancing Varoufakis's publications as well as testing out his theories on the nation rather than genuinely fighting for the country's economic stability.
Tsipras wrote how those discussions to avoid bankruptcy were “not only a way of achieving a better deal for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile negotiations, Greece came dangerously close to exiting the single currency area.
On the line lay both the country's future but also the severe cutbacks demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were put to a public vote, an action that threw Europe into a further existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to retirees, the leader knew it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and delicate handling.”
Tsipras also wrote that Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
This account of history has provoked anger and stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
