Within his recently unveiled autobiography, named Ithaki, the former premier Alexis Tsipras does not hold back while he examines the chaotic era during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected that unorthodox academic Varoufakis as the treasury head largely due to his international reputation and Varoufakis's highly compelling abilities when it came to speaker.
“He was, actually, more of a star rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal agenda which included advancing Varoufakis's books as well as testing out his theories using the nation rather than truly fighting for the country's financial survival.
He noted that those negotiations to avoid insolvency became “not just a method of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, the country came dangerously close to exiting the eurozone.
On the line lay both the country's future and the harsh austerity measures required in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to find financing elsewhere, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those harsh conditions were subjected to a public vote, an action that plunged the EU into a further existential crisis.
Even though the referendum was carried decisively by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a bailout package with foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself “unfit for an agreement demanding complex and delicate handling.”
Tsipras further claimed how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
