Within his recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits the turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, Tsipras chose the unorthodox academic Varoufakis as the finance minister primarily due to the latter's worldwide fame along with Varoufakis's highly compelling skills when it came to speaker.
“He was, actually, more of a star rather than an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed his own motives that involved promoting Varoufakis's publications and experimenting with his game theories using Greece rather than genuinely advocating its economic stability.
He explained how the discussions to avoid insolvency were “not just a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece came dangerously on the brink of exiting the single currency area.
On the line was both Greece's destiny but also those severe austerity measures demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the harsh conditions were subjected to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the referendum was won decisively by those against austerity, the prime minister had little option but to reject its outcome then agree to a bailout package with foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included creating a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, the author asserts how his former ally had proved himself “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras further claimed how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for Grexit.
This account of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence regarding these claims.
