Within his recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism as he examines the turbulent period during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's recollections, he appointed that maverick economist Varoufakis as his treasury head mainly because of his worldwide fame along with his very persuasive skills when it came to speaker.
“He was, actually, more like a star rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader claims how Varoufakis possessed a personal agenda which involved advancing Varoufakis's books as well as experimenting with his own economic models using the nation rather than genuinely fighting for the country's economic stability.
Tsipras explained that those talks to prevent insolvency were “not only a method to secure improved terms for the country. They were an experiment, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
During tense discussions, Greece came perilously close to exiting the single currency area.
At stake was both Greece's destiny and the severe austerity policies demanded in exchange for bailout funds from international creditors.
Failed Options
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were put to a popular referendum, an action that threw Europe into a further existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving creating a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras also claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
The account of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet regarding these claims.
