In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines the chaotic era during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose the unorthodox academic Varoufakis as his finance minister mainly because of the latter's global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis had his own motives that included advancing Varoufakis's books as well as testing out his theories on the nation instead of genuinely advocating the country's financial survival.
Tsipras explained that the discussions to stave off bankruptcy were “not only a method 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 tense negotiations, the country came perilously close to leaving the eurozone.
At stake lay not only Greece's destiny but also those severe cutbacks required in return for rescue loans by international creditors.
Failed Alternatives
Efforts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Even though the vote was carried decisively by those against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal from creditors which turned out to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”
He further claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and assisted hawks that were pushing for Grexit.
This account of history has been met with anger and shock in some quarters, whereas Varoufakis has maintained a deafening silence regarding these claims.
