Within his freshly published autobiography, called Ithaki, the former leader Tsipras spares no criticism while he reflects on that turbulent period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, Tsipras selected that maverick economist Varoufakis as the treasury head largely due to the latter's international reputation along with Varoufakis's very persuasive abilities as a speaker.
“He was, in reality, more of a star and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader alleges that his finance chief had a personal agenda which involved advancing his books as well as experimenting with his own game theories on the nation instead of genuinely fighting for the country's economic stability.
Tsipras wrote that those talks to stave off insolvency became “not just a way of achieving improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line lay both Greece's future and those punishing austerity measures demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, Tsipras had little option to reject its outcome and negotiate a rescue deal from creditors that turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to retirees, the leader knew that it was the end and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
He also wrote that Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for Grexit.
This retelling of events has provoked anger and stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.
