Within his recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the turbulent period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, Tsipras selected the maverick academic Varoufakis to be his finance minister mainly because of the latter's international reputation and Varoufakis's highly compelling skills when it came to public orator.
“He was, truthfully, more of a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims how his finance chief possessed his own agenda that involved advancing his books as well as experimenting with his theories on the nation rather than genuinely fighting for the country's economic stability.
He explained that those talks to stave off insolvency became “not just a way of achieving a better deal for the country. They became a test, an historic opportunity to prove the validity of Varoufakis's ideas.”
Critical Negotiations
Amid tense negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
At stake was not only the country's destiny but also those harsh cutbacks demanded in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the harsh conditions were subjected to a popular referendum, a move which threw the EU into a further existential crisis.
Even though the vote was won decisively by voters against the cuts, the prime minister was forced to reject its outcome and agree to a bailout package with foreign lenders which proved to be tougher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the man who attracted media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive management.”
He further claimed how his confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating Grexit.
This account of history has provoked anger along with stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
