In a newly released memoir, titled Ithaki, the former premier Tsipras pulls no punches as he examines the turbulent period during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, he chose the unorthodox academic Varoufakis as the treasury head primarily due to the latter's worldwide fame along with his highly compelling abilities as a speaker.
“In reality, he was, truthfully, more of a star and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had his own agenda that included promoting Varoufakis's books and experimenting with his own economic models on Greece rather than genuinely advocating the country's economic stability.
Tsipras wrote that those negotiations to prevent insolvency were “not just a way to secure improved terms for Greece. They became an experiment, a monumental opportunity to prove the validity of his ideas.”
Critical Talks
Amid rollercoaster discussions, the country came perilously close to leaving the single currency area.
On the line lay not only the country's future but also the punishing cutbacks demanded in return for rescue loans from international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the punitive conditions were put to a public vote, a move which threw Europe into a deeper crisis of identity.
Although the vote was carried decisively by voters against austerity, the prime minister was forced to ignore the result then negotiate a bailout package with creditors that turned out to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency and distributing coupons to retirees, the leader knew that it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, the author concludes that his former ally had proved himself “unsuitable for a deal demanding complex and delicate handling.”
He further claimed that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
