Within his recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, Tsipras selected that unorthodox economist Varoufakis to be his finance minister primarily because of his global profile along with his highly compelling skills as a speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader claims that his finance chief had his own agenda that included advancing Varoufakis's publications and experimenting with his own economic models using Greece rather than truly fighting for the country's economic stability.
He noted how the discussions to stave off bankruptcy became “not only a method of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
On the line lay both Greece's destiny and those harsh cutbacks required in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, a move which plunged the EU into a further crisis of identity.
Although the vote was won resoundingly by those against austerity, the prime minister had little option but to ignore the result and negotiate a bailout package with foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over questioning him: “Is this for real?”
Lasting Criticism
In the book, the author asserts how Varoufakis demonstrated himself “unfit for an agreement demanding intricate and delicate management.”
He further wrote that Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were pushing for Grexit.
This retelling of history has been met with fury and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
