In a recently unveiled personal account, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on that chaotic era of Greece's debt drama.
An Unconventional Choice
In the ex-PM's account, Tsipras selected that maverick academic Varoufakis as his finance minister largely due to his worldwide fame and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more of a star rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis had his own motives which involved promoting Varoufakis's books and testing out his own theories using the nation instead of truly fighting for the country's economic stability.
He wrote how the negotiations to prevent insolvency were “not only a way to secure improved terms for the country. They became an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was not only the country's future but also those punishing cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, an action which plunged the EU into further crisis of identity.
Even though the referendum was carried resoundingly by voters against austerity, the prime minister was forced to ignore the result then agree to a rescue deal from foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a parallel currency and issuing coupons to retirees, the leader knew it was the end questioning him: “Are you serious?”
Enduring Criticism
In the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He further wrote that Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.