In a newly released memoir, named Ithaki, the former prime minister Tsipras spares no criticism as he examines that turbulent era during Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he selected the unorthodox academic Varoufakis as the treasury head mainly because of the latter's worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“He was, in reality, more of a star and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges that Varoufakis had a personal agenda that involved advancing his publications and experimenting with his theories using Greece instead of genuinely advocating its financial survival.
Tsipras noted how those negotiations to stave off insolvency were “not just a method to secure a better deal for Greece. They became a test, an historic opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
Amid tense negotiations, Greece came dangerously on the brink of leaving the single currency area.
On the line lay not only the country's destiny but also the punishing austerity measures demanded in return for rescue loans from foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, an action that plunged the EU into a further crisis of identity.
Although the vote was won decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal from foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Enduring Criticism
In the book, the author concludes how his former ally had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras further claimed how his aggressive style made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
The account of events has provoked fury and shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
