In a recently unveiled personal account, called Ithaki, the ex- premier Tsipras spares no criticism as he examines that turbulent era during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, Tsipras appointed the unorthodox academic Varoufakis as his finance minister primarily due to the latter's international reputation along with his highly compelling abilities when it came to speaker.
“He was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed his own agenda that involved promoting his books as well as experimenting with his own theories on Greece instead of genuinely advocating the country's financial survival.
Tsipras noted how the talks to prevent insolvency became “not just a way of achieving improved terms for Greece. They became a test, an historic chance to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came perilously on the brink of exiting the single currency area.
On the line lay both the country's destiny but also the severe austerity measures required in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to find funds from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those harsh conditions were put to a popular referendum, a move that plunged Europe into a further crisis of identity.
Even though the vote was carried decisively by voters who opposed austerity, the prime minister was forced to ignore the result then negotiate a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he relished his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency and issuing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, the author concludes that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
He also wrote that his confrontational approach made him increasingly isolated among peers, endangered the country, and helped hawks who were advocating Grexit.
This account of events has provoked anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
