In a recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on the turbulent period of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, Tsipras appointed that maverick economist Varoufakis to be the treasury head largely because of the latter's global profile and his highly compelling skills when it came to communicator.
“In reality, he was, truthfully, more of a star rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own agenda that involved advancing Varoufakis's books as well as testing out his own game theories using Greece instead of truly advocating the country's financial survival.
Tsipras noted that the talks to avoid insolvency were “not just a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came dangerously on the brink of exiting the single currency area.
At stake lay both the country's future and the punishing austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the excoriating conditions were put to a public vote, an action which plunged the EU into deeper existential crisis.
Even though the referendum was carried decisively by voters against the cuts, the prime minister had little option but to ignore the result and agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew media attention, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive handling.”
He also wrote how his aggressive style made him more and more alone among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
This account of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.
