In a newly released autobiography, named Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines the chaotic era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, he chose the unorthodox economist Varoufakis as his treasury head primarily due to his international reputation and his “extremely attractive” abilities when it came to public orator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests that his finance chief possessed his own motives which included promoting his publications and testing out his theories using Greece instead of truly fighting for its financial survival.
Tsipras explained that those negotiations to stave off insolvency were “not only a method to secure a better deal for Greece. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
During tense negotiations, Greece came perilously on the brink of exiting the single currency area.
On the line lay both Greece's future but also the severe cutbacks required in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were subjected to a public vote, an action which plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by those against the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal from creditors which proved to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included creating a secondary currency and distributing vouchers to retirees, the leader knew it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate handling.”
Tsipras further wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
The retelling of history has been met with fury along with shock in some quarters, whereas the former minister has kept a deafening silence on the matter.
