In a recently unveiled autobiography, named Ithaki, the ex- leader Tsipras pulls no punches while he reflects on the chaotic era during Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras appointed that unorthodox academic Varoufakis to be the finance minister mainly because of his global profile and Varoufakis's highly compelling skills as a public orator.
“In reality, he was, in reality, more like a celebrity and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief possessed his own agenda that involved advancing his publications as well as experimenting with his economic models on Greece instead of genuinely fighting for the country's financial survival.
Tsipras wrote that those negotiations to stave off insolvency became “not only a method of achieving improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, the country found itself dangerously close to leaving the single currency area.
At stake lay not only Greece's destiny but also those harsh austerity measures required in return for financial aid by international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those harsh bailout terms were put to a popular referendum, a move which plunged Europe into a deeper existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras had little option but to ignore the result then agree to a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving creating a parallel currency and distributing vouchers to pensioners, the leader knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for a deal that required complex and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were advocating Grexit.
This retelling of history has been met with fury along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
