Within his freshly published autobiography, called Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits the turbulent era during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's recollections, he appointed the unorthodox academic Varoufakis to be the treasury head mainly due to his global profile and Varoufakis's very persuasive abilities when it came to speaker.
“He was, actually, more like a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader claims that his finance chief had a personal agenda that included promoting Varoufakis's publications and experimenting with his own economic models on the nation rather than truly fighting for its financial survival.
Tsipras noted that the negotiations to stave off bankruptcy became “not only a way of achieving improved terms for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
On the line was both the country's destiny and the punishing austerity policies required in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those harsh conditions were put to a popular referendum, a move which threw the EU into further existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome then agree to a rescue deal with foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
Tsipras also claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with anger and shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
