Within his freshly published autobiography, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, he selected that maverick academic Varoufakis as his treasury head primarily due to his international reputation and his very persuasive abilities when it came to public orator.
“He was, in reality, more like a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis had his own agenda that included promoting Varoufakis's books and experimenting with his game theories using the nation rather than truly fighting for its economic stability.
Tsipras noted that those discussions to prevent bankruptcy became “not just a method of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously close to exiting the single currency area.
At stake lay not only the country's future and those severe cutbacks demanded in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh conditions were put to a popular referendum, a move which threw the EU into further existential crisis.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome and agree to a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate management.”
Tsipras also claimed that his aggressive approach made him more and more alone with colleagues, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked fury along with shock in some quarters, whereas Varoufakis has maintained a deafening silence regarding these claims.
