In a newly released personal account, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines that turbulent period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras appointed that unorthodox academic Varoufakis to be his finance minister primarily due to his worldwide fame along with Varoufakis's very persuasive abilities as a speaker.
“He was, truthfully, more like a star and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis had a personal agenda that involved advancing his publications as well as experimenting with his own economic models using the nation rather than truly advocating the country's financial survival.
He wrote that the negotiations to avoid insolvency became “not only a way of achieving improved terms for Greece. They were an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of exiting the eurozone.
On the line was both Greece's destiny but also those harsh cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were put to a popular referendum, a move that plunged Europe into further crisis of identity.
Although the referendum was carried decisively by voters who opposed the cuts, the prime minister was forced but to ignore the result then agree to a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes that his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for Grexit.
This account of history has provoked fury and shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
