In a recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on the turbulent era of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, he chose the unorthodox academic Varoufakis to be his treasury head largely because of his global profile and his highly compelling abilities as a speaker.
“In reality, he was, truthfully, more of a personality and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges that his finance chief had a personal motives that included promoting his publications and experimenting with his economic models using the nation instead of genuinely advocating the country's financial survival.
Tsipras wrote that those negotiations to stave off bankruptcy became “not just a method to secure improved terms for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
On the line lay not only the country's future and those severe cutbacks required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the harsh conditions were put to a public vote, an action which threw Europe into further existential crisis.
Even though the referendum was carried decisively by those against austerity, Tsipras had little option but to ignore the result then agree to a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy that included establishing a parallel currency and issuing vouchers to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, Tsipras asserts that his former ally had proved himself “unfit for a deal demanding complex and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The account of history has provoked anger along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
