Within his recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines that chaotic period of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, Tsipras appointed the maverick academic Varoufakis to be the finance minister largely because of his global profile along with his highly compelling skills as a speaker.
“In reality, he was, actually, more of a star and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief had his own motives that included promoting Varoufakis's books as well as experimenting with his own game theories on Greece instead of truly fighting for the country's financial survival.
He wrote how those negotiations to stave off insolvency became “not only a method of achieving a better deal for the country. They were a test, an historic chance to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid tense negotiations, the country came perilously on the brink of leaving the eurozone.
On the line was both Greece's future but also those severe austerity measures required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, a move that threw Europe into a further crisis of identity.
Even though the referendum was carried decisively by those who opposed austerity, the prime minister had little option to ignore the result then agree to a rescue deal from creditors which proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras asserts how his former ally had proved himself “unsuitable for a deal demanding complex and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
This account of events has been met with fury along with shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
