In a recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on the chaotic era during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's account, Tsipras selected that maverick academic Varoufakis to be the treasury head mainly due to his global profile along with his highly compelling abilities as a speaker.
“In reality, he was, in reality, more like a star and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis had a personal agenda that included promoting Varoufakis's books as well as testing out his game theories on the nation instead of truly fighting for the country's financial survival.
He wrote that the discussions to stave off bankruptcy became “not only a way to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense discussions, Greece found itself perilously close to exiting the eurozone.
On the line lay not only Greece's future but also the punishing austerity measures required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the punitive bailout terms were subjected to a public vote, a move which plunged the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by those against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors that turned out to be more severe.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and issuing vouchers to retirees, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unfit for a deal demanding complex and sensitive handling.”
He further claimed that Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The account of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has maintained a conspicuous quiet on the matter.
