Within his recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras does not hold back as he revisits the turbulent era of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's version, Tsipras selected the unorthodox academic Varoufakis to be his finance minister mainly because of the latter's global profile along with his “extremely attractive” skills when it came to speaker.
“In reality, he was, actually, more like a star and less of an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests that Varoufakis possessed his own agenda that involved advancing Varoufakis's books and experimenting with his economic models on Greece instead of truly advocating its economic stability.
He wrote how the negotiations to avoid bankruptcy became “not just a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
At stake was not only the country's future but also those punishing austerity measures required in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the punitive conditions were put to a public vote, an action that plunged Europe into a deeper existential crisis.
Although the referendum was won decisively by voters against the cuts, Tsipras was forced but to ignore the result then negotiate a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and delicate management.”
Tsipras also wrote that his confrontational approach made him more and more alone among peers, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
