In a recently unveiled memoir, titled Ithaki, the former premier Tsipras does not hold back as he revisits that turbulent era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's recollections, Tsipras appointed that maverick academic Varoufakis to be his treasury head largely because of the latter's international reputation and Varoufakis's “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more of a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own agenda which involved promoting his publications and testing out his own economic models on Greece instead of genuinely advocating its economic stability.
Tsipras noted that the talks to stave off bankruptcy became “not just a method to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During tense discussions, Greece found itself dangerously close to leaving the single currency area.
At stake lay not only Greece's future and those punishing austerity measures required in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, a move that plunged Europe into a further crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, Tsipras was forced but to reject its outcome then negotiate a rescue deal with creditors that proved to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts how his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He also wrote how his confrontational style left him increasingly isolated with colleagues, endangered the country, and assisted hawks that were advocating Grexit.
This account of history has been met with anger and stunned disbelief in some quarters, while the former minister has kept a deafening silence regarding these claims.
