Within his freshly published autobiography, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, he appointed that maverick academic Varoufakis as his finance minister mainly because of his global profile along with his very persuasive skills as a speaker.
“He was, truthfully, more like a star and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader claims how his finance chief had his own agenda which involved advancing his publications as well as experimenting with his theories using Greece rather than genuinely advocating its economic stability.
He noted how the negotiations to prevent insolvency were “not only a way of achieving improved terms for the country. They were a test, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
During volatile discussions, the country came dangerously on the brink of leaving the single currency area.
At stake was both the country's destiny but also the punishing cutbacks required in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the harsh conditions were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Although the referendum was carried resoundingly by those against the cuts, the prime minister had little option to reject its outcome and agree to a bailout package from creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and distributing coupons to pensioners, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author concludes that Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate handling.”
He also wrote how his aggressive style made him more and more alone with colleagues, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
The account of events has provoked anger along with shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
