Within his recently unveiled autobiography, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines that chaotic period of Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, he chose the maverick academic Varoufakis as his treasury head largely because of the latter's global profile and his very persuasive abilities as a speaker.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives that involved promoting Varoufakis's publications as well as experimenting with his own game theories on the nation instead of genuinely advocating its economic stability.
Tsipras noted that the negotiations to stave off bankruptcy were “not just a method of achieving improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came perilously on the brink of leaving the eurozone.
On the line was both the country's future but also those punishing cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras had little option to ignore the result then negotiate a bailout package from creditors that proved to be more severe.
Final Straw
Tsipras revealed that 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 globally … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and delicate management.”
Tsipras further claimed that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, and assisted hawks that were advocating Grexit.
This retelling of events has been met with fury along with shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
