In a recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on the chaotic period of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's version, Tsipras appointed that unorthodox academic Varoufakis as his treasury head mainly due to his worldwide fame and his very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief possessed a personal agenda that involved promoting Varoufakis's publications and experimenting with his own theories using Greece instead of genuinely advocating the country's financial survival.
Tsipras explained that the negotiations to stave off bankruptcy were “not just a way of achieving improved terms for the country. They were a test, an historic opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece came perilously on the brink of exiting the eurozone.
At stake was not only Greece's destiny and the harsh austerity measures required in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were subjected to a public vote, an action which threw the EU into deeper existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a bailout package with foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis 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 … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency and issuing coupons to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
The account of events has been met with anger along with shock among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
