Within his newly released memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism while he examines that turbulent period of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's version, Tsipras selected that maverick academic Varoufakis to be the treasury head primarily because of his international reputation and his highly compelling skills when it came to communicator.
“He was, actually, more of a celebrity and less of an economist,” wrote Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief possessed his own agenda that included advancing Varoufakis's books and experimenting with his economic models using the nation instead of truly advocating its economic stability.
He explained that those negotiations to prevent bankruptcy became “not only a method to secure improved terms for the country. They were a test, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense negotiations, the country came perilously on the brink of exiting the eurozone.
On the line was both the country's destiny and the harsh cutbacks demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum and Reversal
That summer, the punitive conditions were subjected to a public vote, an action which plunged Europe into deeper crisis of identity.
Although the vote was carried resoundingly by voters against austerity, Tsipras had little option to ignore the result then agree to a bailout package from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency and issuing coupons to pensioners, the leader knew that it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, the author concludes how his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also wrote how Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, and helped hawks that were pushing for Grexit.
The retelling of history has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a deafening silence on the matter.
