Within his newly released autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras chose the maverick academic Varoufakis as his treasury head primarily due to his global profile and his very persuasive skills as a public orator.
“He was, truthfully, more like a personality rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis possessed a personal agenda which involved promoting his books and testing out his game theories on Greece rather than truly advocating its financial survival.
Tsipras noted how those discussions to stave off insolvency were “not only a way of achieving a better deal for the country. They became a test, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During tense negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay both the country's future but also those punishing cutbacks required in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a public vote, a move which threw Europe into further crisis of identity.
Although the referendum was carried decisively by those against the cuts, Tsipras was forced but to ignore the result and agree to a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the book, the author concludes how his former ally demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
He also wrote that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with shock among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
