In a recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that chaotic period during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, he appointed the unorthodox academic Varoufakis to be the treasury head primarily due to his global profile and Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief possessed a personal motives that included promoting his publications as well as experimenting with his theories using the nation instead of genuinely advocating the country's financial survival.
Tsipras noted that those discussions to prevent insolvency became “not just a way of achieving a better deal for Greece. They were an experiment, a monumental chance to prove the validity of his ideas.”
Critical Negotiations
Amid rollercoaster discussions, the country found itself perilously close to exiting the single currency area.
At stake was not only Greece's destiny but also those harsh austerity measures demanded in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding intricate and delicate handling.”
He further claimed that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hawks who were pushing for Grexit.
The retelling of events has been met with anger along with shock among certain groups, while the former minister has kept a deafening silence regarding these claims.