In a newly released personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines the chaotic period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's version, he selected that unorthodox economist Varoufakis to be the finance minister largely because of his global profile along with Varoufakis's highly compelling abilities as a speaker.
“He was, in reality, more like a star and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis possessed a personal motives that included advancing his publications as well as testing out his own game theories using the nation instead of genuinely advocating the country's financial survival.
Tsipras noted how the discussions to prevent insolvency were “not only a method to secure improved terms for the country. They were an experiment, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously close to leaving the single currency area.
At stake was not only Greece's future but also those punishing cutbacks demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating conditions were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, the prime minister was forced to ignore the result and agree to a bailout package from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement demanding complex and sensitive management.”
Tsipras also wrote how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The account of history has provoked fury along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
