Within his freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on that turbulent era during Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, Tsipras appointed that maverick economist Varoufakis to be the finance minister mainly because of his global profile and Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis had a personal agenda that included advancing his publications and experimenting with his economic models on Greece instead of truly fighting for the country's economic stability.
Tsipras wrote that the talks to stave off insolvency were “not just a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of his theories.”
Critical Talks
Amid volatile discussions, Greece came dangerously close to leaving the single currency area.
At stake was both Greece's destiny but also those harsh austerity policies required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a public vote, a move which plunged the EU into a further crisis of identity.
Even though the referendum was carried decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from creditors which proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face 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 creating a parallel currency as well as distributing coupons to retirees, the leader knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive handling.”
He also claimed how his confrontational approach left him more and more alone among peers, endangered the country, while assisted hardliners who were advocating Grexit.
The account of history has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
