Within his newly released personal account, called Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on the chaotic period during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's recollections, he selected the maverick economist Varoufakis as the treasury head primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, truthfully, more like a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims that his finance chief had his own motives that involved promoting Varoufakis's books as well as experimenting with his own theories using Greece rather than genuinely advocating the country's economic stability.
Tsipras noted how the discussions to stave off bankruptcy were “not just a method to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
During tense negotiations, Greece found itself perilously close to leaving the single currency area.
On the line was both Greece's destiny and the punishing austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the punitive conditions were subjected to a public vote, an action which threw the EU into further crisis of identity.
Although the vote was carried resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and distributing coupons to pensioners, Tsipras knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts that his former ally had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also wrote that his aggressive style made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
This retelling of history has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.