In a recently unveiled personal account, titled Ithaki, the former prime minister Tsipras spares no criticism while he examines that turbulent period of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, Tsipras chose that maverick academic Varoufakis as the treasury head primarily because of the latter's global profile along with Varoufakis's highly compelling abilities as a speaker.
“In reality, he was, truthfully, more of a star rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal agenda that included promoting Varoufakis's publications as well as experimenting with his own theories on the nation instead of truly advocating the country's economic stability.
Tsipras noted how those negotiations to stave off bankruptcy were “not only a way of achieving improved terms for Greece. They were a test, a monumental chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line lay both the country's destiny and those severe austerity measures required in return for bailout funds from international creditors.
Failed Options
Attempts to secure funds from other sources, such as a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the excoriating bailout terms were put to a public vote, an action that plunged the EU into a further existential crisis.
Even though the referendum was carried decisively by those against the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”
Tsipras also wrote how his aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
