In a freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on that chaotic period during Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, Tsipras chose that maverick economist Varoufakis to be the treasury head mainly due to his global profile along with his “extremely attractive” skills as a communicator.
“In reality, he was, actually, more like a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief possessed his own agenda that included advancing his publications as well as testing out his economic models on the nation rather than truly fighting for the country's economic stability.
He wrote how those negotiations to prevent insolvency were “not just a way of achieving a better deal for the country. They became a test, an historic opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came perilously on the brink of leaving the eurozone.
At stake was both Greece's destiny but also the severe austerity policies demanded in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, an action that threw the EU into further crisis of identity.
Even though the vote was won resoundingly by those against austerity, the prime minister was forced but to ignore the result then agree to a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications the world over … it seemed he relished his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
He further claimed how his confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This retelling of events has been met with fury along with shock in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
