In a newly released autobiography, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits that chaotic period of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's recollections, Tsipras chose that maverick academic Varoufakis to be the finance minister primarily due to the latter's international reputation and Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, truthfully, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges that his finance chief possessed a personal agenda that included promoting Varoufakis's books and testing out his theories on the nation rather than genuinely fighting for its financial survival.
Tsipras wrote that those discussions to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They were a test, a monumental opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid tense discussions, the country found itself perilously close to leaving the eurozone.
On the line was both the country's destiny and those harsh cutbacks demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure financing from other sources, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move which threw the EU into a further existential crisis.
Although the referendum was carried decisively by those against austerity, the prime minister had little option but to ignore the result and agree to a rescue deal with creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
After the minister outlined a contingency plan that included establishing a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
