Within his recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits the turbulent period during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's account, Tsipras appointed that maverick economist Varoufakis to be his treasury head largely due to his international reputation and his “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief possessed a personal motives that included advancing Varoufakis's publications and experimenting with his economic models on Greece instead of truly fighting for its financial survival.
Tsipras wrote how the negotiations to stave off insolvency became “not just a way to secure improved terms for the country. They became an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
Critical Talks
During volatile negotiations, the country came perilously close to leaving the single currency area.
On the line was both the country's destiny but also those punishing austerity policies demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to find financing from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those excoriating conditions were put to a public vote, an action that plunged the EU into a further existential crisis.
Although the referendum was won resoundingly by voters against austerity, Tsipras was forced but to ignore the result and negotiate a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate management.”
He further wrote how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were advocating Grexit.
This retelling of events has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
