In a recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Choice
According to Tsipras's account, Tsipras appointed the unorthodox academic Varoufakis to be the finance minister mainly due to the latter's international reputation and Varoufakis's highly compelling abilities as a speaker.
“He was, actually, more like a star and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal motives that included promoting his publications and testing out his own theories using Greece instead of truly fighting for the country's financial survival.
He explained how those discussions to avoid insolvency became “not just a method to secure improved terms for Greece. They were an experiment, an historic chance to prove the validity of his theories.”
Critical Talks
Amid tense negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line was both Greece's future but also the severe cutbacks demanded in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result and negotiate a bailout package with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing vouchers to retirees, the leader knew it was the end and asked him: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
He further claimed how Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked fury and stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
