In a recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on the turbulent period of Greece's economic turmoil.
A Controversial Choice
In Tsipras's account, he chose the maverick academic Varoufakis as his treasury head primarily because of his global profile along with Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges how Varoufakis possessed a personal motives which included promoting his publications and testing out his theories on Greece instead of truly fighting for its financial survival.
He noted that the talks to prevent bankruptcy were “not only a method of achieving improved terms for the country. They were a test, an historic chance to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came dangerously on the brink of leaving the eurozone.
At stake lay not only the country's destiny but also those punishing austerity measures required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were subjected to a popular referendum, a move that threw Europe into a deeper crisis of identity.
Even though the vote was won decisively by those against the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package with creditors which proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing vouchers to pensioners, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
He further claimed how his confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
