Within his newly released autobiography, named Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits that turbulent era during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, he selected that unorthodox academic Varoufakis to be his treasury head largely due to the latter's international reputation along with Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, in reality, more like a star and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests how Varoufakis possessed his own agenda which involved advancing Varoufakis's books and testing out his economic models using the nation instead of genuinely fighting for its economic stability.
He wrote that the talks to avoid insolvency were “not only a method of achieving a better deal for Greece. They were a test, an historic chance to prove the truth of his theories.”
Critical Negotiations
Amid volatile negotiations, Greece came dangerously close to exiting the eurozone.
On the line lay both Greece's destiny and those harsh austerity measures demanded in return for rescue loans by international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a popular referendum, an action that plunged Europe into further existential crisis.
Although the vote was won resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result then agree to 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.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He also claimed how his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
The retelling of events has provoked fury and shock among certain groups, while Varoufakis has maintained a deafening silence regarding these claims.
