In a recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism as he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's account, he appointed the maverick economist Varoufakis to be the treasury head largely due to the latter's international reputation and Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed a personal agenda which included advancing Varoufakis's publications as well as testing out his own economic models using Greece rather than truly advocating its economic stability.
Tsipras wrote how those discussions to stave off bankruptcy became “not just a method of achieving a better deal for Greece. They were an experiment, an historic chance to demonstrate the truth of his theories.”
Critical Talks
Amid tense discussions, Greece found itself perilously on the brink of exiting the eurozone.
On the line lay not only the country's future and the severe austerity measures demanded in return for rescue loans by international creditors.
Failed Alternatives
Attempts to find funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which threw the EU into a further existential crisis.
Even though the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome and agree to a rescue deal from creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew it was game over and asked him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
He further wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked anger along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence on the matter.
