In a freshly published personal account, named Ithaki, the former leader Tsipras spares no criticism as he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, he chose the unorthodox academic Varoufakis to be the treasury head mainly because of the latter's worldwide fame along with his very persuasive abilities as a communicator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras suggests that Varoufakis possessed a personal agenda which involved advancing his books and testing out his economic models on Greece rather than genuinely advocating the country's economic stability.
He noted that those negotiations to prevent insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
During rollercoaster discussions, Greece came dangerously close to leaving the single currency area.
At stake was both the country's future but also the harsh austerity measures demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece was equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were subjected to a public vote, an action which plunged Europe into a further crisis of identity.
Even though the referendum was won resoundingly by those against the cuts, the prime minister was forced to ignore the result and agree to a bailout package from creditors that proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan involving establishing a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was the end and asked him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive handling.”
Tsipras further wrote that his aggressive style left him more and more alone with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
This account of events has provoked anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
