Within his newly released personal account, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the turbulent period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's account, he selected that maverick academic Varoufakis as the treasury head largely because of his worldwide fame and Varoufakis's “extremely attractive” abilities as a communicator.
“He was, actually, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis had his own agenda which involved promoting his publications as well as experimenting with his game theories using Greece instead of genuinely fighting for its economic stability.
He noted that the talks to stave off insolvency became “not only a way of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
Amid tense discussions, the country came dangerously on the brink of exiting the eurozone.
At stake was both the country's future but also those harsh cutbacks required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move that plunged the EU into a deeper existential crisis.
Although the vote was carried decisively by voters against the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package with creditors that proved to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included creating a secondary currency and issuing vouchers to pensioners, the leader knew that it was game over questioning him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding complex and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
The account of history has provoked anger and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
