Within his recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras does not hold back while he examines the chaotic period during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's version, Tsipras selected the maverick economist Varoufakis to be his treasury head largely because of his global profile and his very persuasive skills when it came to speaker.
“In reality, he was, actually, more like a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis possessed a personal agenda that included promoting his publications as well as testing out his theories using the nation instead of genuinely advocating its financial survival.
Tsipras noted that those talks to avoid bankruptcy were “not only a way to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
During rollercoaster negotiations, the country found itself perilously close to exiting the single currency area.
On the line was not only Greece's destiny but also the harsh austerity measures required in exchange for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
That summer, those punitive bailout terms were subjected to a public vote, a move that plunged the EU into further existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man 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 backup strategy that included creating a parallel currency and issuing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He also claimed how his confrontational style made him increasingly isolated among peers, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has been met with anger along with shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
