In a recently unveiled personal account, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines the turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, he selected the unorthodox academic Varoufakis to be his finance minister largely due to the latter's global profile along with Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader alleges how Varoufakis had a personal motives which involved promoting his publications as well as experimenting with his own economic models using Greece rather than genuinely fighting for its economic stability.
He explained that those negotiations to avoid bankruptcy were “not just a way of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his theories.”
Critical Negotiations
During rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's destiny and those harsh cutbacks demanded in return for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the harsh conditions were subjected to a public vote, an action that threw Europe into a deeper existential crisis.
Although the referendum was won decisively by voters against austerity, the prime minister had little option but to ignore the result and agree to a bailout package from foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts how his former ally demonstrated himself “unfit for a deal that required complex and sensitive management.”
He further claimed that Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating Grexit.
The account of history has been met with anger and stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
