Within his newly released memoir, named Ithaki, the former premier Alexis Tsipras spares no criticism while he examines that chaotic period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's version, Tsipras selected that maverick academic Varoufakis to be his finance minister primarily due to his worldwide fame along with Varoufakis's very persuasive skills as a speaker.
“He was, actually, more like a star rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges how Varoufakis had his own agenda which included promoting Varoufakis's books as well as testing out his own economic models on the nation rather than genuinely advocating the country's economic stability.
Tsipras wrote that the talks to avoid insolvency became “not only a way to secure a better deal for Greece. They were a test, an historic opportunity to demonstrate the truth of his theories.”
Critical Talks
Amid tense discussions, Greece came dangerously on the brink of exiting the single currency area.
On the line was not only the country's future and those punishing austerity measures required in return for rescue loans from international creditors.
Failed Options
Efforts to find funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh conditions were put to a public vote, an action that threw the EU into a deeper existential crisis.
Although the vote was won resoundingly by voters against the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package with creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, the author concludes that his former ally had proved himself to be “unfit for a deal that required intricate and sensitive handling.”
He further wrote that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of history has provoked anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
