Within his newly released autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits the chaotic era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's account, he appointed the maverick academic Varoufakis as his treasury head mainly due to the latter's global profile along with his very persuasive abilities when it came to communicator.
“He was, truthfully, more like a star rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader alleges that Varoufakis possessed a personal motives which involved promoting Varoufakis's publications and testing out his own economic models using the nation instead of genuinely advocating the country's economic stability.
He noted how those talks to stave off insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously close to leaving the single currency area.
At stake lay not only the country's destiny and the severe cutbacks required in return for bailout funds by international creditors.
Failed Options
Attempts to secure financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were subjected to a public vote, an action which threw Europe into further crisis of identity.
Even though the vote was won decisively by those against the cuts, Tsipras was forced but to reject its outcome then agree to a bailout package from creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras knew it was game over and asked him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, while helped hawks that were advocating Grexit.
The account of history has provoked anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
