In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits the turbulent period of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, he chose that maverick economist Varoufakis as the treasury head primarily because of his global profile and his “extremely attractive” abilities as a speaker.
“He was, truthfully, more of a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief possessed a personal motives which included advancing Varoufakis's books as well as testing out his own economic models using Greece instead of genuinely fighting for the country's economic stability.
He noted that the negotiations to avoid insolvency were “not only a way of achieving improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During rollercoaster negotiations, the country found itself perilously on the brink of exiting the eurozone.
On the line was both the country's destiny but also the punishing cutbacks required in return for rescue loans by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those harsh conditions were put to a popular referendum, a move which threw Europe into further crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, Tsipras had little option but to ignore the result and agree to a bailout package with creditors which proved to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing coupons to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts how his former ally had proved himself “unfit for an agreement demanding intricate and delicate handling.”
He also wrote how Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating Grexit.
The account of history has been met with anger and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence regarding these claims.
