Within his recently unveiled autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines that turbulent period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, Tsipras selected that maverick economist Varoufakis as the treasury head mainly due to his worldwide fame and Varoufakis's highly compelling abilities when it came to speaker.
“He was, actually, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis had a personal motives that included promoting his books and experimenting with his theories on the nation instead of genuinely advocating the country's financial survival.
Tsipras wrote how the discussions to stave off insolvency became “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country found itself dangerously on the brink of leaving the single currency area.
On the line lay both Greece's future but also those harsh cutbacks required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, a move which threw Europe into deeper crisis of identity.
Although the referendum was carried decisively by voters against austerity, the prime minister had little option but to ignore the result and negotiate a bailout package from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts that his former ally had proved himself to be “unfit for a deal that required complex and delicate handling.”
Tsipras further wrote that his aggressive style made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
The account of history has provoked anger along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
