Within his recently unveiled autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism while he reflects on the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he appointed that unorthodox economist Varoufakis to be the treasury head mainly because of his international reputation and his “extremely attractive” skills as a public orator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges that his finance chief possessed a personal motives that included promoting his books as well as testing out his theories on Greece instead of truly advocating the country's financial survival.
He explained that the negotiations to stave off insolvency were “not only a method of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece found itself perilously close to leaving the eurozone.
On the line was not only Greece's future but also the harsh cutbacks required in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive bailout terms were put to a popular referendum, a move that threw Europe into further existential crisis.
Although the referendum was carried decisively by those who opposed austerity, the prime minister had little option to ignore the result and agree to a rescue deal from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan involving creating a parallel currency and distributing coupons to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras further claimed that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while helped hawks who were pushing for Grexit.
This account of events has provoked fury along with shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
