In a freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's version, he chose that unorthodox academic Varoufakis as his finance minister primarily because of his worldwide fame along with Varoufakis's very persuasive skills as a public orator.
“In reality, he was, in reality, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis had a personal motives that involved advancing his books and testing out his own game theories using Greece rather than truly advocating the country's financial survival.
Tsipras noted how the negotiations to avoid bankruptcy became “not just a way to secure improved terms for the country. They became a test, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
During rollercoaster negotiations, Greece found itself perilously close to leaving the single currency area.
At stake lay both the country's future but also those punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh conditions were put to a public vote, an action which threw the EU into deeper crisis of identity.
Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package with creditors which proved to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
