Within his newly released memoir, named Ithaki, the former premier Alexis Tsipras spares no criticism as he examines that turbulent period during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he chose that unorthodox economist Varoufakis as the finance minister largely due to his worldwide fame along with Varoufakis's highly compelling skills as a communicator.
“He was, actually, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief possessed a personal agenda which involved advancing his books and experimenting with his economic models using the nation instead of genuinely fighting for its financial survival.
Tsipras wrote that those talks to stave off bankruptcy were “not just a method of achieving a better deal for Greece. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously close to exiting the eurozone.
At stake was not only the country's destiny but also those severe cutbacks required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, an action that plunged the EU into further crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a bailout package from foreign lenders that turned out to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After the minister outlined a backup strategy involving establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate management.”
Tsipras also claimed how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
