In a recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's financial crisis.
A Controversial Choice
In Tsipras's version, Tsipras appointed that maverick academic Varoufakis to be his treasury head largely due to the latter's worldwide fame and Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, actually, more of a personality and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal agenda that involved promoting Varoufakis's publications as well as experimenting with his own economic models on the nation rather than truly advocating the country's economic stability.
Tsipras explained how the negotiations to stave off insolvency were “not just a method to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously on the brink of exiting the single currency area.
On the line lay both the country's future but also the punishing austerity measures demanded in exchange for rescue loans from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating conditions were subjected to a public vote, an action which threw Europe into deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, the prime minister was forced to ignore the result then negotiate a bailout package from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and distributing coupons to retirees, Tsipras knew that it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras further claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
