Within his freshly published personal account, called Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on that turbulent era during Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, Tsipras appointed that maverick economist Varoufakis as the treasury head largely due to the latter's global profile and Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more of a personality and less of an economist,” wrote Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief possessed a personal motives which involved advancing his publications as well as testing out his game theories using Greece instead of genuinely advocating its economic stability.
He noted that those talks to stave off insolvency were “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay both Greece's destiny but also the severe cutbacks required in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
That summer, the harsh conditions were subjected to a public vote, a move that plunged Europe into a further crisis of identity.
Although the referendum was carried decisively by those against austerity, Tsipras had little option but to reject its outcome then agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was game over questioning him: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras also claimed that his aggressive approach left him increasingly isolated with colleagues, endangered the country, while assisted hawks that were advocating Grexit.
The retelling of history has been met with fury and shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
