Within his newly released personal account, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on the chaotic period of Greece's financial crisis.
A Controversial Appointment
In the ex-PM's account, Tsipras selected that unorthodox economist Varoufakis to be his finance minister largely because of the latter's international reputation and his highly compelling abilities when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis possessed his own motives that included advancing Varoufakis's publications as well as experimenting with his own economic models using Greece rather than truly advocating the country's financial survival.
Tsipras explained that those discussions to prevent insolvency became “not just a way of achieving improved terms for the country. They became a test, a monumental chance to prove the validity of his theories.”
Critical Negotiations
Amid rollercoaster discussions, the country found itself dangerously close to leaving the single currency area.
On the line was not only Greece's future but also those punishing austerity policies required in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged the EU into a deeper existential crisis.
Even though the vote was won decisively by those against austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal with creditors that turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included creating a secondary currency and distributing coupons to pensioners, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras further claimed that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
This account of history has been met with anger along with shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
