Within his recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras appointed that maverick economist Varoufakis as his finance minister largely because of his global profile along with his highly compelling skills as a communicator.
“He was, truthfully, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges how Varoufakis possessed a personal agenda that included advancing his books and testing out his theories using Greece rather than truly advocating the country's economic stability.
He wrote how those discussions to stave off insolvency became “not only a way to secure a better deal for Greece. They became an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid volatile negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay both Greece's destiny and those punishing austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the punitive bailout terms were put to a public vote, a move that threw Europe into deeper existential crisis.
Although the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan involving creating a secondary currency and distributing coupons to pensioners, the leader knew that it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
He also wrote how Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
This retelling of history has provoked anger and shock in some quarters, while the former minister has so far kept a deafening silence on the matter.
