Within his freshly published autobiography, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines that turbulent era during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, he appointed that maverick academic Yanis Varoufakis as his finance minister mainly due to his international reputation along with Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, actually, more like a star rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras alleges how Varoufakis had a personal motives that involved advancing Varoufakis's books and testing out his own economic models on Greece instead of genuinely advocating its financial survival.
Tsipras noted how those talks to prevent insolvency were “not just a way of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously close to leaving the eurozone.
At stake lay both the country's future but also those punishing austerity policies required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, an action which plunged the EU into a further existential crisis.
Even though the vote was carried decisively by voters against the cuts, the prime minister was forced to reject its outcome then negotiate a rescue deal with creditors that turned out to be even harsher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and distributing coupons to pensioners, the leader said he realised that it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the book, the author concludes that his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
He further claimed how Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The account of events has been met with fury along with shock in some quarters, while Varoufakis has kept a deafening silence on the matter.
