Within his recently unveiled autobiography, named Ithaki, the former premier Alexis Tsipras spares no criticism while he examines the turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, he selected the maverick economist Varoufakis to be the finance minister largely because of the latter's international reputation and Varoufakis's “extremely attractive” skills as a public orator.
“He was, in reality, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader claims that Varoufakis had a personal agenda which involved promoting his publications as well as testing out his theories on the nation rather than genuinely advocating the country's financial survival.
Tsipras wrote how the negotiations to prevent bankruptcy were “not just a method to secure improved terms for the country. They became a test, a monumental chance to prove the validity of his theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece came perilously close to leaving the single currency area.
At stake was both Greece's destiny but also the harsh austerity measures demanded in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the excoriating conditions were put to a public vote, a move which plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by voters against austerity, Tsipras was forced but to ignore the result and negotiate a bailout package from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
Tsipras further wrote that his aggressive approach left him more and more alone among peers, endangered the country, and assisted hawks that were pushing for Grexit.
This retelling of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
