Within his recently unveiled memoir, named Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, he appointed the unorthodox economist Varoufakis as the finance minister mainly because of his worldwide fame along with Varoufakis's very persuasive skills when it came to speaker.
“He was, in reality, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis had his own agenda that involved advancing his publications and experimenting with his own economic models on Greece instead of truly fighting for the country's economic stability.
Tsipras wrote that the negotiations to stave off insolvency were “not only a method to secure a better deal for the country. They were a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's destiny and the harsh austerity measures required in return for rescue loans by international creditors.
Failed Options
Efforts to secure funds elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from creditors which turned out to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”
Tsipras also claimed how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked fury and shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
