Within his recently unveiled personal account, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism while he reflects on that chaotic period during Greece's debt drama.
A Controversial Appointment
As per Tsipras's version, he selected the maverick economist Varoufakis to be his treasury head primarily because of the latter's worldwide fame along with his very persuasive skills as a speaker.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis had a personal agenda that included advancing his books as well as testing out his game theories on the nation instead of truly advocating the country's economic stability.
Tsipras wrote that the talks to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously close to exiting the eurozone.
On the line lay both the country's future and those punishing austerity measures required in return for financial aid by international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those excoriating conditions were put to a public vote, an action that plunged the EU into a deeper crisis of identity.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister was forced to ignore the result and agree to a bailout package with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When the minister outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras further wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
This account of history has provoked anger along with shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
