In a freshly published personal account, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that turbulent period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, he appointed that maverick academic Varoufakis as his treasury head primarily due to his worldwide fame along with Varoufakis's very persuasive skills as a communicator.
“In reality, he was, in reality, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Priorities
The former leader claims how Varoufakis possessed his own motives which included advancing Varoufakis's books and testing out his own game theories on Greece instead of genuinely advocating the country's economic stability.
He noted how those discussions to stave off bankruptcy were “not just a method of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
Critical Negotiations
Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.
On the line lay both the country's destiny and the harsh cutbacks demanded in return for bailout funds by international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh conditions were subjected to a public vote, an action that threw Europe into further crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result then agree to a bailout package from creditors which proved to be more severe.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing coupons to pensioners, Tsipras knew it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally had proved himself to be “unfit for a deal that required complex and delicate management.”
He further wrote how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This account of history has been met with fury and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
