Within his freshly published memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, Tsipras selected that maverick economist Varoufakis as the treasury head mainly due to the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, in reality, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges how his finance chief had a personal motives which included advancing Varoufakis's books and testing out his theories on Greece rather than truly advocating its financial survival.
He wrote that those discussions to avoid insolvency were “not only a way of achieving improved terms for the country. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster negotiations, the country came perilously on the brink of leaving the eurozone.
On the line lay not only Greece's future but also the severe austerity measures required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those punitive conditions were subjected to a public vote, an action which plunged the EU into a further existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister was forced but to ignore the result then negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing coupons to pensioners, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
He also claimed how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
