Within his recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits the chaotic period during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, he chose that maverick economist Varoufakis as the treasury head largely because of the latter's worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“He was, truthfully, more of a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that Varoufakis had a personal agenda which involved advancing Varoufakis's publications as well as testing out his game theories on the nation instead of truly advocating the country's economic stability.
Tsipras wrote that the discussions to prevent insolvency were “not just a way to secure a better deal for Greece. They were an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country came dangerously close to exiting the single currency area.
On the line lay both Greece's future but also the punishing austerity policies demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to secure financing from other sources, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum and U-Turn
That summer, the harsh bailout terms were subjected to a popular referendum, a move that threw the EU into a further existential crisis.
Even though the referendum was won decisively by voters against the cuts, the prime minister had little option to ignore the result and agree to a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the covers of publications the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew it was game over and asked him: “Is this for real?”
Lasting Criticism
In the book, the author concludes that his former ally demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, while helped hawks that were advocating Grexit.
This retelling of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
