In a freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, Tsipras selected that maverick academic Varoufakis as his treasury head mainly due to his international reputation along with Varoufakis's highly compelling skills when it came to communicator.
“In reality, he was, in reality, more of a star and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis possessed a personal motives that involved advancing his publications and testing out his economic models using Greece instead of genuinely advocating its economic stability.
Tsipras wrote how those discussions to avoid bankruptcy became “not only a method of achieving a better deal for Greece. They became a test, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously close to exiting the single currency area.
At stake was not only the country's future but also the punishing austerity policies required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were put to a public vote, a move that plunged the EU into further crisis of identity.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result and agree to a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras further wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with shock among certain groups, while Varoufakis has so far kept a deafening silence regarding these claims.
