Within his newly released personal account, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the chaotic era of Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's version, he selected the maverick academic Varoufakis to be his finance minister mainly because of the latter's worldwide fame and Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief possessed his own agenda which included promoting Varoufakis's books and experimenting with his own economic models using Greece instead of genuinely advocating its financial survival.
Tsipras wrote how the discussions to avoid insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
During rollercoaster discussions, Greece came perilously on the brink of leaving the eurozone.
At stake was not only the country's destiny and those punishing cutbacks required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a public vote, an action that plunged the EU into further crisis of identity.
Even though the vote was won decisively by those against the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with creditors that proved to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who drew media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency and issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for a deal that required complex and sensitive handling.”
He also claimed that Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.
The retelling of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
