In a newly released personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the chaotic period of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, Tsipras appointed that unorthodox economist Varoufakis as the finance minister primarily because of his international reputation and his highly compelling abilities when it came to public orator.
“He was, in reality, more of a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief possessed his own motives which included promoting his books and experimenting with his own economic models using Greece instead of genuinely advocating its financial survival.
He explained that those discussions to avoid bankruptcy were “not just a way of achieving a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both the country's destiny and the punishing austerity measures required in return for financial aid by international creditors.
Failed Options
Attempts to find funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive conditions were subjected to a public vote, a move that plunged Europe into deeper existential crisis.
Although the referendum was carried resoundingly by those against the cuts, the prime minister had little option but to reject its outcome then agree to a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who drew publicity, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras asserts how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and delicate handling.”
He also wrote how Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This account of history has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
