Within his recently unveiled personal account, titled Ithaki, the ex- premier Tsipras spares no criticism as he revisits that chaotic period of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's account, he selected that unorthodox economist Varoufakis to be his treasury head primarily because of the latter's global profile and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more of a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had his own agenda which involved advancing Varoufakis's books as well as testing out his theories on the nation rather than truly advocating its economic stability.
Tsipras noted how those talks to stave off bankruptcy were “not only a method to secure improved terms for Greece. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
During volatile negotiations, the country came dangerously on the brink of exiting the eurozone.
At stake lay not only the country's future and those harsh austerity measures demanded in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those harsh bailout terms were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Although the referendum was won decisively by those against the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal with creditors that proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised it was game over questioning him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also wrote that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
This account of events has provoked fury and shock in some quarters, while Varoufakis has kept a conspicuous quiet regarding these claims.
