Within his freshly published memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines that turbulent era of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he chose the unorthodox economist Varoufakis as the treasury head mainly because of his international reputation and his very persuasive skills as a communicator.
“He was, actually, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis had a personal agenda which involved advancing his publications as well as testing out his own economic models using Greece rather than genuinely advocating the country's economic stability.
He wrote that those discussions to stave off bankruptcy were “not just a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line lay not only the country's destiny and those harsh austerity policies demanded in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed austerity, the prime minister had little option to ignore the result then agree to a bailout package from foreign lenders which turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan involving creating a parallel currency as well as distributing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unfit for a deal demanding intricate and sensitive management.”
He further wrote how his aggressive style left him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock among certain groups, while the former minister has maintained a deafening silence regarding these claims.
