In a freshly published autobiography, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism while he revisits the chaotic era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, he appointed the maverick academic Varoufakis as the treasury head largely due to the latter's global profile and Varoufakis's highly compelling skills when it came to communicator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis had his own motives that included advancing Varoufakis's books as well as experimenting with his theories on the nation rather than genuinely fighting for its financial survival.
He wrote how those talks to avoid bankruptcy became “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line lay both Greece's future but also those punishing austerity policies demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the harsh conditions were put to a popular referendum, a move that threw the EU into deeper existential crisis.
Even though the referendum was carried resoundingly by those against austerity, Tsipras had little option to reject its outcome then negotiate a bailout package with foreign lenders that turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts that his former ally demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
