In a recently unveiled personal account, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on the chaotic period of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's recollections, he chose that maverick academic Varoufakis as his treasury head mainly because of the latter's international reputation along with his very persuasive skills as a public orator.
“In reality, he was, actually, more of a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis had a personal motives that included promoting Varoufakis's books as well as experimenting with his theories on the nation instead of genuinely fighting for its financial survival.
Tsipras explained how the talks to prevent insolvency became “not only a method to secure a better deal for the country. They became a test, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Talks
Amid volatile discussions, Greece found itself perilously on the brink of leaving the eurozone.
At stake was not only the country's future but also the severe austerity measures required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the harsh conditions were subjected to a public vote, an action which threw the EU into further existential crisis.
Even though the vote was won resoundingly by voters against the cuts, the prime minister had little option to ignore the result then agree to a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency and issuing vouchers to retirees, Tsipras knew it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also wrote how his aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This account of history has provoked fury and stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
