Within his newly released autobiography, named Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits the turbulent period of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's version, Tsipras chose the maverick academic Varoufakis to be his finance minister mainly due to his global profile and Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, in reality, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis had a personal motives that included promoting his books as well as experimenting with his theories using the nation instead of truly fighting for the country's financial survival.
He noted how the discussions to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line was not only Greece's future but also the severe austerity policies required in return for bailout funds by international creditors.
Failed Options
Efforts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were put to a popular referendum, a move which threw the EU into a further existential crisis.
Although the referendum was won decisively by those who opposed austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the covers of publications globally … he gave the impression he was enjoying his new role.”
When the minister outlined a contingency plan that included creating a parallel currency and distributing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras further wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were advocating Grexit.
This retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
