Within his freshly published memoir, called Ithaki, the former prime minister Tsipras spares no criticism while he revisits the turbulent period of Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's version, he appointed the unorthodox economist Varoufakis as the treasury head largely because of his worldwide fame along with his “extremely attractive” abilities as a communicator.
“He was, actually, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges how his finance chief had a personal agenda which involved promoting Varoufakis's books and testing out his own theories using the nation instead of truly fighting for the country's financial survival.
He explained that the discussions to prevent insolvency were “not just a way of achieving a better deal for Greece. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.
On the line was not only Greece's destiny but also the harsh austerity measures demanded in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the harsh bailout terms were subjected to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Although the vote was won decisively by voters against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency and issuing coupons to retirees, Tsipras knew it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive management.”
He also claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
The account of history has provoked fury and shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
