Within his newly released memoir, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that turbulent era during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he chose that unorthodox academic Varoufakis as the finance minister primarily because of his international reputation along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal agenda which included advancing Varoufakis's books and testing out his economic models on the nation rather than genuinely advocating the country's financial survival.
He noted how the negotiations to avoid bankruptcy became “not only a way of achieving a better deal for the country. They became a test, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, Greece found itself dangerously on the brink of exiting the eurozone.
On the line was both the country's destiny and those severe cutbacks required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to find financing from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating conditions were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Even though the referendum was carried resoundingly by voters against austerity, the prime minister had little option to reject its outcome then agree to a bailout package from creditors that proved to be tougher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Are you serious?”
Enduring Rebuke
In the book, the author asserts that Varoufakis had proved himself to be “unfit for an agreement demanding complex and sensitive management.”
He also wrote how his confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
