In a recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on the chaotic era of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's version, Tsipras appointed that maverick academic Varoufakis to be his finance minister largely due to the latter's worldwide fame and Varoufakis's very persuasive abilities as a public orator.
“He was, actually, more of a star and less of an economist,” stated Tsipras.
Clashing Priorities
Tsipras claims that Varoufakis possessed his own agenda which included promoting his books and testing out his own theories using Greece rather than genuinely advocating the country's financial survival.
Tsipras wrote that those discussions to avoid bankruptcy were “not just a way of achieving improved terms for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously close to exiting the eurozone.
On the line was both Greece's future and the harsh austerity policies required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, those harsh conditions were subjected to a popular referendum, an action which plunged the EU into a further crisis of identity.
Although the referendum was carried resoundingly by those against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He further wrote how his confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has provoked anger and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
