Within his newly released autobiography, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic period of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's account, he appointed the maverick academic Varoufakis to be the finance minister primarily because of the latter's global profile along with his very persuasive abilities when it came to public orator.
“In reality, he was, in reality, more like a star rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief had his own motives which involved promoting his publications as well as experimenting with his own theories using the nation instead of genuinely fighting for the country's financial survival.
He explained how those discussions to prevent bankruptcy became “not just a way of achieving a better deal for Greece. They were a test, an historic opportunity to demonstrate the truth of his ideas.”
Critical Talks
Amid volatile discussions, Greece found itself perilously on the brink of exiting the single currency area.
On the line was both the country's destiny but also those punishing austerity measures required in return for rescue loans from international creditors.
Failed Options
Efforts to secure financing from other sources, including a desperate appeal to the Kremlin 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 informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those punitive bailout terms were put to a public vote, an action that plunged the EU into further crisis of identity.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras was forced but to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy involving creating a parallel currency and issuing coupons to retirees, the leader said he realised it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
The account of history has been met with fury and shock among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
