Within his newly released personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, he appointed the unorthodox economist Varoufakis as his treasury head mainly due to his worldwide fame along with his “extremely attractive” skills as a public orator.
“In reality, he was, actually, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed a personal motives that included promoting his books as well as experimenting with his own theories on Greece rather than genuinely fighting for the country's financial survival.
He wrote how those talks to prevent bankruptcy became “not just a way of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the validity of Varoufakis's theories.”
Critical Negotiations
During tense negotiations, the country came perilously close to leaving the single currency area.
On the line lay both the country's future and those harsh austerity policies required in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the punitive bailout terms were put to a popular referendum, an action that plunged Europe into a deeper crisis of identity.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras had little option but to ignore the result then agree to a bailout package from creditors that proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt 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 the spotlight.”
When the minister outlined a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras further claimed that his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for Grexit.
This retelling of events has provoked anger along with shock in some quarters, while the former minister has so far kept a deafening silence on the matter.
