In a recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he examines the chaotic period during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's version, he chose that maverick academic Varoufakis to be the finance minister largely because of the latter's global profile and Varoufakis's very persuasive abilities as a public orator.
“He was, truthfully, more like a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief had his own agenda which involved advancing his publications and testing out his own game theories on Greece rather than truly advocating the country's economic stability.
Tsipras wrote how those negotiations to avoid insolvency were “not just a method to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came perilously on the brink of leaving the eurozone.
At stake was both Greece's destiny and the punishing austerity policies demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, an action which plunged the EU into a further crisis of identity.
Although the vote was won resoundingly by voters against the cuts, the prime minister was forced but to ignore the result then agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal that required intricate and delicate management.”
He also wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of history has provoked anger along with shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
