In a freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's version, Tsipras selected the unorthodox academic Varoufakis to be the finance minister mainly because of his global profile along with Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more of a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief had a personal agenda which involved promoting Varoufakis's books as well as experimenting with his own theories on the nation instead of genuinely advocating its economic stability.
He explained that the discussions to prevent insolvency were “not only a method to secure improved terms for Greece. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line lay both the country's future and the punishing cutbacks required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were put to a public vote, an action that plunged the EU into deeper existential crisis.
Even though the vote was carried decisively by those who opposed the cuts, Tsipras had little option to reject its outcome then agree to a rescue deal with creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras knew it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras asserts that Varoufakis had proved himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further claimed that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
The retelling of events has been met with anger along with shock in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
