Within his freshly published autobiography, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that turbulent era during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's account, he chose the maverick academic Varoufakis to be his finance minister largely due to the latter's worldwide fame and his “extremely attractive” abilities when it came to speaker.
“In reality, he was, truthfully, more like a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis had a personal motives which involved promoting his publications and testing out his economic models on Greece instead of truly fighting for the country's economic stability.
He wrote how the discussions to stave off insolvency were “not only a way to secure improved terms for the country. They were a test, a monumental opportunity to prove the truth of his theories.”
High-Stakes Negotiations
During volatile discussions, Greece came perilously close to exiting the single currency area.
At stake lay both Greece's destiny but also those punishing cutbacks required in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds from other sources, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that plunged Europe into a further crisis of identity.
Although the vote was carried resoundingly by those who opposed austerity, Tsipras was forced to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive handling.”
He also wrote how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while helped hawks that were advocating Grexit.
The account of events has been met with anger and shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
