In a recently unveiled personal account, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he examines that chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, he selected the unorthodox academic Varoufakis as his finance minister primarily due to his international reputation along with Varoufakis's highly compelling skills as a speaker.
“In reality, he was, actually, more of a personality and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras alleges how Varoufakis possessed his own agenda that involved advancing his books as well as testing out his economic models using the nation rather than genuinely fighting for the country's financial survival.
Tsipras wrote that those talks to stave off bankruptcy were “not only a way of achieving a better deal for the country. They were a test, an historic chance to prove the validity of his economic theories.”
Critical Negotiations
Amid volatile discussions, the country came dangerously on the brink of exiting the single currency area.
At stake lay both Greece's destiny but also the harsh austerity policies required in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action that plunged the EU into a further crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras had little option to reject its outcome then negotiate a rescue deal from creditors which proved to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
He further wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence regarding these claims.
