Within his freshly published personal account, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines that chaotic era during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he chose the unorthodox academic Varoufakis to be his finance minister primarily because of the latter's international reputation and Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, truthfully, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis had a personal agenda which included promoting Varoufakis's books and testing out his theories using the nation instead of genuinely fighting for the country's economic stability.
Tsipras wrote how the discussions to avoid insolvency were “not just a method to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the truth of his ideas.”
Critical Talks
Amid rollercoaster discussions, the country came dangerously on the brink of exiting the single currency area.
On the line was both Greece's destiny and the severe austerity measures required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those harsh conditions were subjected to a public vote, a move which plunged the EU into a deeper existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal with creditors which proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating Grexit.
This account of history has provoked anger and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
