Within his freshly published personal account, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits the chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, he chose the maverick economist Varoufakis as the finance minister primarily because of the latter's worldwide fame and Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras suggests how Varoufakis had his own motives which involved advancing his books as well as experimenting with his game theories on Greece rather than genuinely advocating the country's financial survival.
He noted that the discussions to prevent insolvency became “not only a method to secure improved terms for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During tense discussions, the country found itself dangerously close to exiting the single currency area.
On the line was both Greece's destiny but also those severe cutbacks required in return for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, those harsh conditions were put to a popular referendum, an action which plunged Europe into a further existential crisis.
Even though the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised that it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and delicate management.”
He also claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, and assisted hardliners who were advocating Grexit.
The retelling of events has provoked anger and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
