Within his freshly published personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits that chaotic era of Greece's financial crisis.
A Controversial Appointment
In Tsipras's recollections, he appointed the maverick academic Varoufakis as his finance minister mainly because of the latter's worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, actually, more like a personality and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras claims that his finance chief possessed a personal agenda that involved advancing his publications and testing out his own economic models using the nation instead of truly fighting for its financial survival.
Tsipras wrote that those discussions to prevent bankruptcy were “not only a method of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
During tense discussions, Greece found itself dangerously on the brink of exiting the eurozone.
On the line was both Greece's future and those harsh austerity policies required in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, a move that threw Europe into a deeper existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, the prime minister had little option to ignore the result then negotiate a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew media attention, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, the leader knew it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further claimed that his aggressive style made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
The account of history has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.