Within his freshly published memoir, titled Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, Tsipras appointed the unorthodox economist Varoufakis as his treasury head largely due to his worldwide fame along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims that Varoufakis possessed his own motives that included advancing Varoufakis's publications and experimenting with his own theories on the nation rather than truly fighting for the country's financial survival.
He explained that those discussions to avoid bankruptcy were “not just a method of achieving improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid rollercoaster discussions, the country came perilously on the brink of exiting the eurozone.
At stake was both Greece's future and those severe cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged Europe into deeper existential crisis.
Even though the vote was carried resoundingly by those against the cuts, Tsipras had little option to reject its outcome then agree to a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis had proved himself “unfit for an agreement demanding complex and delicate handling.”
Tsipras also claimed that his confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
This account of history has been met with fury along with stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.