Within his recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on that turbulent period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, he selected that maverick economist Varoufakis as the treasury head largely because of the latter's global profile along with Varoufakis's highly compelling skills when it came to communicator.
“He was, in reality, more of a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis possessed a personal agenda that included promoting Varoufakis's publications and experimenting with his game theories on the nation rather than truly fighting for the country's economic stability.
He noted that the negotiations to avoid bankruptcy were “not only a way of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously close to leaving the single currency area.
At stake was both the country's future but also the severe austerity measures required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those harsh conditions were put to a public vote, an action which threw Europe into a further crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also claimed how his aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and shock in some quarters, whereas the former minister has so far maintained a deafening silence regarding these claims.
