In a recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits the chaotic period during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's recollections, he selected the maverick academic Varoufakis as the treasury head mainly because of the latter's global profile along with his “extremely attractive” skills when it came to communicator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief possessed his own agenda that included advancing Varoufakis's books and experimenting with his game theories using the nation instead of truly fighting for its financial survival.
He wrote that those talks to avoid bankruptcy were “not just a way of achieving a better deal for the country. They were a test, a monumental chance to prove the validity of his theories.”
High-Stakes Negotiations
Amid tense negotiations, the country found itself perilously on the brink of leaving the eurozone.
At stake lay not only Greece's future and the severe austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a popular referendum, a move that threw Europe into a further crisis of identity.
Although the referendum was won resoundingly by voters against austerity, Tsipras was forced to reject its outcome then negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, the leader knew that it was game over questioning him: “Is this for real?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further wrote that Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger along with shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
