Within his newly released memoir, called Ithaki, the ex- premier Tsipras spares no criticism while he reflects on the chaotic period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he chose the unorthodox economist Varoufakis to be the finance minister largely because of the latter's international reputation and his very persuasive skills as a communicator.
“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis had a personal agenda which included advancing Varoufakis's publications as well as experimenting with his theories using Greece rather than truly fighting for its financial survival.
Tsipras wrote that those negotiations to avoid bankruptcy were “not only a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself perilously close to exiting the single currency area.
At stake was both the country's future but also those harsh austerity policies demanded in return for financial aid from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were subjected to a popular referendum, a move which threw Europe into a further crisis of identity.
Although the referendum was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package from foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister outlined a contingency plan involving creating a secondary currency and issuing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts how his former ally had proved himself “unfit for an agreement demanding complex and delicate management.”
He also wrote that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This account of history has provoked anger along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
