In a recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on the turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, he chose that maverick academic Varoufakis as his treasury head largely due to his global profile along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, actually, more like a star rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had his own motives which included promoting his books and testing out his own game theories using Greece instead of genuinely advocating its financial survival.
He wrote how the talks to stave off insolvency became “not only a method of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake was both Greece's future but also the severe austerity measures demanded in exchange for bailout funds from international creditors.
Failed Options
Efforts to secure funds from other sources, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, an action that plunged the EU into a deeper crisis of identity.
Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome then negotiate a bailout package from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency and issuing vouchers to retirees, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, the author concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras further claimed that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This retelling of history has been met with fury along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
