In a newly released memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he reflects on the turbulent era during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, he chose the unorthodox economist Varoufakis as his finance minister largely due to the latter's international reputation and his “extremely attractive” skills as a public orator.
“He was, truthfully, more of a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief possessed a personal motives that involved promoting Varoufakis's publications as well as testing out his own economic models on the nation instead of truly advocating the country's financial survival.
He noted how those discussions to prevent insolvency became “not only a method to secure a better deal for Greece. They were a test, an historic opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.
On the line was not only Greece's destiny and the severe austerity measures required in return for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the excoriating bailout terms were put to a popular referendum, a move that plunged the EU into further existential crisis.
Even though the referendum was carried decisively by voters against austerity, the prime minister had little option to ignore the result and negotiate a rescue deal from creditors which proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to pensioners, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive handling.”
He also wrote that Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger along with shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
