In a recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that chaotic period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, he selected the unorthodox economist Varoufakis as the finance minister largely due to the latter's global profile and Varoufakis's very persuasive skills as a speaker.
“In reality, he was, truthfully, more of a star rather than an economic expert,” stated Tsipras.
Clashing Priorities
The former leader suggests that Varoufakis possessed his own motives that involved advancing his books and testing out his theories on Greece instead of genuinely advocating its financial survival.
He explained how those talks to avoid bankruptcy were “not only a method of achieving a better deal for the country. They became an experiment, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
Amid volatile discussions, the country found itself dangerously close to leaving the eurozone.
On the line was both Greece's destiny and those severe austerity policies required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those excoriating conditions were put to a public vote, an action which plunged Europe into further existential crisis.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras knew it was game over questioning him: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for an agreement demanding complex and sensitive handling.”
He also wrote how his confrontational style left him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating Grexit.
The retelling of events has provoked anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
