In a freshly published memoir, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits that turbulent era of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's account, he appointed that unorthodox academic Varoufakis as the finance minister largely due to the latter's worldwide fame and Varoufakis's highly compelling abilities when it came to speaker.
“He was, truthfully, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief had his own agenda that included promoting his publications as well as experimenting with his economic models using Greece instead of truly advocating its economic stability.
Tsipras wrote that those talks to stave off bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid volatile discussions, the country found itself dangerously close to exiting the eurozone.
At stake lay both the country's future and those punishing cutbacks required in return for financial aid by international creditors.
Failed Options
Attempts to secure funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the harsh bailout terms were subjected to a popular referendum, an action that threw the EU into a further existential crisis.
Although the referendum was won decisively by voters who opposed the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
This account of history has been met with anger and shock in some quarters, whereas the former minister has kept a deafening silence on the matter.
