In a freshly published personal account, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he revisits that turbulent era during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, he chose the unorthodox academic Yanis Varoufakis to be the treasury head largely because of his international reputation and Varoufakis's highly compelling skills as a public orator.
“He was, truthfully, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis possessed his own agenda that involved promoting Varoufakis's books as well as experimenting with his own theories on the nation rather than genuinely fighting for its financial survival.
He wrote how the talks to stave off insolvency were “not just a method to secure a better deal for the country. They were a test, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, Greece came perilously close to exiting the single currency area.
On the line was both Greece's destiny but also those severe austerity measures required in exchange for financial aid by foreign lenders.
Failed Options
Attempts to secure financing elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that plunged Europe into a further crisis of identity.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option to ignore the result then agree to a rescue deal with creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”
Tsipras further claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
