Within his recently unveiled autobiography, called Ithaki, the ex- premier Tsipras spares no criticism as he revisits that turbulent period of Greece's debt drama.
A Controversial Choice
According to the ex-PM's version, he appointed the unorthodox economist Varoufakis to be the treasury head largely due to his worldwide fame and his very persuasive abilities as a communicator.
“He was, in reality, more like a celebrity rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief had his own agenda that involved promoting Varoufakis's publications as well as testing out his theories on the nation rather than genuinely fighting for the country's financial survival.
Tsipras wrote that those negotiations to stave off bankruptcy were “not only a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, the country found itself perilously close to exiting the single currency area.
At stake was not only the country's destiny but also the severe austerity policies demanded in return for rescue loans by international creditors.
Unsuccessful Options
Efforts to find funds from other sources, including a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, an action that plunged the EU into further crisis of identity.
Even though the vote was won decisively by voters who opposed the cuts, Tsipras was forced but to reject its outcome then negotiate a bailout package from foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras further wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The account of events has provoked anger along with shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
