In a recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines that turbulent era of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, Tsipras chose that unorthodox academic Varoufakis as the finance minister primarily due to the latter's global profile and Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief had a personal agenda that involved advancing his books and testing out his economic models using the nation instead of truly advocating its economic stability.
He explained that those talks to avoid bankruptcy became “not only a way to secure improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously on the brink of exiting the single currency area.
On the line lay not only Greece's destiny but also the severe cutbacks demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that threw the EU into a further crisis of identity.
Although the vote was carried resoundingly by those against the cuts, the prime minister had little option to ignore the result then agree to a rescue deal with creditors which turned out to be more severe.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, the leader knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the memoir, the author concludes that his former ally had proved himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This account of events has provoked fury along with shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.