In a freshly published autobiography, titled Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits that turbulent period of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he chose that maverick academic Varoufakis as his finance minister primarily because of the latter's global profile and his very persuasive abilities as a communicator.
“In reality, he was, in reality, more like a personality and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal motives that included advancing Varoufakis's books as well as testing out his own game theories on Greece rather than truly advocating its financial survival.
Tsipras explained how the discussions to stave off bankruptcy were “not only a way of achieving improved terms for Greece. They became a test, a monumental chance to prove the truth of his theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself dangerously close to leaving the single currency area.
At stake lay not only the country's future and the harsh austerity measures required in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the vote was won decisively by those who opposed austerity, Tsipras was forced but to reject its outcome then agree to a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts that his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He further wrote that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
This account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
