Within his freshly published autobiography, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he examines that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras chose that unorthodox economist Varoufakis as the treasury head mainly because of the latter's international reputation and Varoufakis's highly compelling skills when it came to communicator.
“In reality, he was, actually, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims how Varoufakis had a personal agenda which included promoting his publications as well as experimenting with his economic models using Greece rather than genuinely advocating the country's financial survival.
He wrote how those talks to avoid bankruptcy were “not only a method of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously close to leaving the single currency area.
At stake was both Greece's future but also the harsh austerity policies demanded in return for rescue loans by international creditors.
Failed Options
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action that threw the EU into further existential crisis.
Even though the vote was carried decisively by those against the cuts, Tsipras was forced but to reject its outcome then agree to a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and sensitive management.”
He also claimed how his confrontational style left him more and more alone with colleagues, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
This account of history has been met with anger and shock in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
