Within his freshly published memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on the chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras appointed that unorthodox academic Varoufakis as the finance minister mainly due to the latter's worldwide fame and his “extremely attractive” abilities as a public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief possessed a personal agenda which included advancing Varoufakis's books and testing out his economic models using the nation instead of genuinely fighting for the country's financial survival.
Tsipras wrote how those negotiations to avoid insolvency were “not just a method of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of his theories.”
High-Stakes Talks
During tense discussions, the country came dangerously on the brink of exiting the single currency area.
On the line was not only Greece's destiny but also those severe austerity policies demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, an action which plunged the EU into further existential crisis.
Even though the vote was won decisively by voters against the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package from creditors that proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included creating a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further wrote how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
The account of events has provoked anger along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
