Within his recently unveiled autobiography, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that chaotic era of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, he selected the unorthodox academic Varoufakis as the treasury head largely due to the latter's international reputation along with his very persuasive skills as a speaker.
“In reality, he was, in reality, more like a star rather than an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief possessed his own motives that involved advancing Varoufakis's books as well as experimenting with his economic models using Greece rather than genuinely fighting for its economic stability.
He noted how the talks to avoid bankruptcy were “not just a way to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his theories.”
Critical Talks
During tense discussions, the country found itself dangerously close to leaving the single currency area.
On the line lay not only Greece's future and those severe austerity measures required in return for rescue loans by foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move which plunged the EU into further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras was forced but to ignore the result and agree to a bailout package with foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing vouchers to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts how Varoufakis had proved himself “unsuitable for a deal demanding complex and delicate handling.”
He also claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The account of history has been met with fury and shock among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
