In a newly released personal account, called Ithaki, the ex- prime minister Tsipras spares no criticism as he examines that chaotic period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, he selected the unorthodox academic Varoufakis to be the treasury head largely because of the latter's worldwide fame and Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, in reality, more like a star rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader claims how Varoufakis had a personal motives that included promoting Varoufakis's books and experimenting with his own theories using Greece instead of truly advocating the country's financial survival.
Tsipras explained that the discussions to prevent insolvency became “not only a method of achieving a better deal for the country. They were a test, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake lay both the country's future but also the severe austerity measures required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move that threw the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by those against the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal with foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
He also claimed how Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
