In a freshly published personal account, called Ithaki, the former premier Alexis Tsipras spares no criticism as he examines that chaotic period during Greece's debt drama.
A Controversial Appointment
As per Tsipras's recollections, Tsipras selected the maverick academic Varoufakis as the treasury head mainly because of his worldwide fame and his “extremely attractive” abilities as a communicator.
“He was, truthfully, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had a personal agenda which involved promoting Varoufakis's books as well as testing out his economic models on Greece instead of genuinely advocating its financial survival.
Tsipras noted that those talks to avoid insolvency were “not just a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During volatile discussions, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was not only Greece's future but also those harsh austerity measures required in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, an action that threw Europe into further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, the prime minister was forced to ignore the result and negotiate a bailout package from creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency and distributing coupons to retirees, the leader knew it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote how his confrontational style left him more and more alone among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
The account of events has provoked fury along with shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
