In a recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras spares no criticism as he examines that chaotic period during Greece's financial crisis.
A Controversial Choice
According to the ex-PM's account, Tsipras appointed that unorthodox economist Varoufakis to be the treasury head mainly due to his international reputation and Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, in reality, more like a personality rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader claims that his finance chief possessed a personal motives that included advancing his publications and experimenting with his game theories on the nation rather than genuinely fighting for its financial survival.
He noted how the negotiations to avoid bankruptcy were “not just a way of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid tense discussions, Greece found itself dangerously close to leaving the eurozone.
At stake was both Greece's future and the harsh austerity policies demanded in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as a desperate plea to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the excoriating conditions were subjected to a public vote, a move which plunged Europe into a further existential crisis.
Although the vote was won decisively by those against austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal from creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, the leader knew that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while assisted hawks that were pushing for Grexit.
The retelling of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
