Within his freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on that chaotic period of Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, he chose the maverick economist Varoufakis as his treasury head mainly due to his global profile along with Varoufakis's very persuasive skills when it came to communicator.
“He was, in reality, more of a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal agenda that involved advancing his publications as well as testing out his own economic models on the nation rather than genuinely advocating the country's financial survival.
He noted how the negotiations to stave off bankruptcy were “not just a method to secure improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of his ideas.”
Critical Talks
During volatile discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's future and those severe austerity policies required in return for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those excoriating conditions were put to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the vote was carried resoundingly by voters against austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised it was the end questioning him: “Are you serious?”
Lasting Criticism
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for a deal that required complex and delicate management.”
He further claimed how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and helped hardliners that were advocating Grexit.
This account of events has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
