In a recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the turbulent period during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, he selected the maverick academic Varoufakis to be his treasury head primarily due to the latter's worldwide fame and Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests that Varoufakis had his own agenda which involved advancing his publications and testing out his economic models on Greece instead of genuinely advocating the country's economic stability.
Tsipras wrote that the talks to avoid insolvency became “not only a method to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of his theories.”
Critical Talks
Amid rollercoaster discussions, the country came perilously on the brink of exiting the single currency area.
On the line lay not only Greece's future and those punishing cutbacks required in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, the harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into a further existential crisis.
Even though the vote was carried decisively by those against the cuts, the prime minister was forced but to reject its outcome then negotiate a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with anger and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
