Within his newly released personal account, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's recollections, he chose that maverick academic Varoufakis as the finance minister largely because of his worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“He was, actually, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis possessed his own agenda which involved advancing Varoufakis's publications as well as testing out his own economic models on Greece rather than truly fighting for the country's economic stability.
Tsipras explained that those discussions to prevent bankruptcy became “not just a way to secure a better deal for Greece. They became an experiment, an historic chance to prove the truth of his economic theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself perilously on the brink of exiting the eurozone.
At stake was both Greece's destiny but also the harsh austerity measures demanded in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, an action that threw Europe into a deeper existential crisis.
Even though the referendum was carried resoundingly by those against austerity, the prime minister was forced to reject its outcome then negotiate a rescue deal with creditors which proved to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving creating a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Criticism
In the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and delicate handling.”
He also wrote that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This account of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
