Within his freshly published personal account, named Ithaki, the ex- premier Alexis Tsipras spares no criticism while he revisits that chaotic period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, Tsipras selected the maverick academic Varoufakis to be his finance minister largely due to the latter's worldwide fame and his “extremely attractive” skills when it came to speaker.
“In reality, he was, in reality, more like a star and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras suggests that his finance chief had his own motives that involved promoting Varoufakis's publications and testing out his theories on Greece instead of genuinely advocating the country's financial survival.
Tsipras wrote how those talks to prevent insolvency were “not just a method to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
During volatile negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
On the line lay both the country's future but also the punishing austerity policies demanded in exchange for financial aid by international creditors.
Failed Options
Attempts to find financing elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into deeper existential crisis.
Although the vote was won decisively by voters against austerity, Tsipras had little option to reject its outcome then negotiate a rescue deal with creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included creating a secondary currency and distributing vouchers to retirees, Tsipras knew it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts that Varoufakis had proved himself “unsuitable for an agreement demanding complex and delicate management.”
Tsipras further wrote that his confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
