In a recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, he appointed that unorthodox economist Varoufakis to be the treasury head mainly because of the latter's global profile and his highly compelling skills when it came to public orator.
“He was, actually, more like a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis had a personal motives which included advancing his publications and experimenting with his own game theories on the nation rather than genuinely fighting for the country's financial survival.
Tsipras explained how the talks to prevent insolvency were “not just a method of achieving improved terms for Greece. They became an experiment, an historic chance to prove the validity of his theories.”
Critical Talks
During tense negotiations, the country found itself perilously on the brink of exiting the single currency area.
At stake lay both the country's destiny and the severe austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those harsh bailout terms were put to a public vote, an action that plunged Europe into a further existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a parallel currency as well as issuing coupons to retirees, the leader said he realised it was the end questioning him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for a deal that required intricate and delicate management.”
He also claimed how his confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for Grexit.
The account of events has been met with fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
