In a freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines the turbulent period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, he chose the maverick economist Varoufakis as his finance minister largely because of the latter's global profile along with Varoufakis's “extremely attractive” abilities when it came to communicator.
“He was, truthfully, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis possessed a personal agenda that included advancing Varoufakis's books and experimenting with his economic models on Greece instead of truly fighting for the country's economic stability.
He noted how the discussions to stave off insolvency became “not just a method to secure a better deal for Greece. They became an experiment, an historic opportunity to prove the validity of his economic theories.”
Critical Talks
Amid tense discussions, Greece found itself perilously close to leaving the eurozone.
On the line lay both the country's future and those harsh austerity measures required in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the harsh bailout terms were subjected to a popular referendum, an action which threw Europe into further crisis of identity.
Even though the referendum was carried resoundingly by those against the cuts, Tsipras was forced to ignore the result then negotiate a bailout package from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing vouchers to retirees, the leader knew it was the end questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
He further wrote that Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The account of events has been met with anger along with shock in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
