In a freshly published autobiography, called Ithaki, the ex- leader Alexis Tsipras spares no criticism while he examines the turbulent period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's account, he chose the maverick academic Varoufakis as his finance minister primarily due to the latter's global profile along with his highly compelling skills as a communicator.
“He was, in reality, more like a personality rather than an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief possessed his own agenda which included advancing Varoufakis's publications as well as testing out his economic models on the nation rather than truly advocating its financial survival.
He wrote how those talks to prevent insolvency became “not only a way to secure improved terms for the country. They were an experiment, an historic opportunity to prove the truth of his ideas.”
High-Stakes Talks
Amid volatile negotiations, Greece came dangerously close to leaving the eurozone.
At stake was not only the country's future and the severe austerity measures demanded in return for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, a move that threw Europe into a further existential crisis.
Even though the vote was won resoundingly by those who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister outlined a contingency plan involving establishing a parallel currency and issuing coupons to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes how his former ally had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, while helped hawks that were pushing for Grexit.
This retelling of history has been met with fury and shock in some quarters, while Varoufakis has maintained a deafening silence on the matter.
