In a freshly published memoir, called Ithaki, the ex- leader Alexis Tsipras spares no criticism while he reflects on the chaotic period during Greece's debt drama.
A Controversial Choice
According to Tsipras's account, Tsipras appointed the unorthodox academic Varoufakis as his treasury head primarily because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a communicator.
“He was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader claims that his finance chief had a personal motives that involved promoting his publications as well as experimenting with his own theories using the nation rather than genuinely advocating the country's economic stability.
Tsipras noted that the discussions to avoid insolvency were “not just a way of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
During tense negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was both Greece's future and those severe austerity policies demanded in return for bailout funds by international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the excoriating conditions were put to a popular referendum, an action that plunged Europe into a deeper crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, the prime minister was forced to ignore the result and agree to a bailout package with foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy involving establishing a secondary currency and issuing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, the author concludes that his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate management.”
He further claimed that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
