Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on the turbulent period during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's version, Tsipras chose the unorthodox academic Varoufakis to be his finance minister largely because of his global profile along with his highly compelling abilities as a speaker.
“In reality, he was, in reality, more like a personality and less of an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief had his own motives that involved promoting his publications and experimenting with his theories using Greece rather than truly advocating its financial survival.
He wrote that the discussions to stave off bankruptcy became “not only a method of achieving improved terms for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was both Greece's future but also the severe cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the harsh bailout terms were put to a public vote, an action which threw Europe into a deeper crisis of identity.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who drew media attention, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”
He also claimed how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and helped hardliners who were pushing for Grexit.
This account of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
