In a freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's account, Tsipras selected the unorthodox economist Varoufakis to be the treasury head primarily due to the latter's global profile and Varoufakis's very persuasive abilities when it came to public orator.
“He was, actually, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges how his finance chief possessed a personal motives that involved advancing his publications as well as testing out his own economic models using Greece rather than genuinely advocating the country's financial survival.
He explained that those talks to avoid bankruptcy were “not just a way to secure a better deal for Greece. They were a test, an historic chance to prove the truth of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country found itself perilously close to exiting the eurozone.
On the line lay not only Greece's destiny but also those harsh cutbacks demanded in exchange for rescue loans by international creditors.
Failed Options
Efforts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a public vote, an action which threw the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by those against the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package from creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency and issuing coupons to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author asserts that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive handling.”
He further claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, while helped hardliners who were pushing for Grexit.
The account of history has provoked fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
