Within his freshly published personal account, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he reflects on the chaotic era during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras appointed the unorthodox academic Varoufakis as the finance minister mainly because of his international reputation and his very persuasive skills when it came to communicator.
“In reality, he was, actually, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal agenda that involved advancing Varoufakis's books as well as experimenting with his economic models using Greece rather than genuinely fighting for the country's financial survival.
He noted how the negotiations to avoid insolvency became “not only a way to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
During tense discussions, the country found itself dangerously close to leaving the single currency area.
At stake lay both Greece's future but also those punishing austerity policies demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the excoriating bailout terms were subjected to a public vote, an action which plunged the EU into a deeper existential crisis.
Although the vote was carried decisively by those against the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a parallel currency and issuing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself “unfit for an agreement demanding intricate and delicate management.”
He also wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger along with shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
