In a newly released autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he selected the maverick economist Varoufakis as the finance minister largely due to his worldwide fame and his “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more of a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief had a personal motives that involved advancing Varoufakis's publications as well as experimenting with his theories on Greece instead of truly advocating its economic stability.
Tsipras wrote that the talks to prevent bankruptcy became “not only a method of achieving improved terms for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came dangerously close to exiting the eurozone.
At stake was not only the country's destiny and those severe austerity measures required in exchange for rescue loans by foreign lenders.
Failed Options
Efforts to secure funds from other sources, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating conditions were put to a public vote, an action that plunged the EU into further existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a secondary currency and issuing coupons to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement demanding complex and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
