In a freshly published memoir, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he examines that chaotic era during Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's version, Tsipras selected the maverick academic Varoufakis to be the treasury head primarily because of his international reputation along with Varoufakis's very persuasive abilities as a public orator.
“He was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief possessed his own agenda that involved promoting his publications and testing out his own theories on Greece instead of genuinely fighting for the country's economic stability.
Tsipras explained that the discussions to avoid bankruptcy were “not only a way of achieving improved terms for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid volatile discussions, the country came perilously on the brink of exiting the single currency area.
On the line was not only Greece's destiny but also the severe cutbacks required in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, an action which plunged Europe into deeper existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras had little option to ignore the result then agree to a rescue deal with creditors that proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan that included establishing a parallel currency and distributing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras also claimed that Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has been met with anger and shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
