Within his recently unveiled autobiography, named Ithaki, the ex- leader Tsipras does not hold back while he revisits that chaotic period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras appointed that unorthodox economist Varoufakis to be his treasury head largely due to the latter's worldwide fame along with his “extremely attractive” abilities when it came to speaker.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated Tsipras.
Clashing Agendas
The former leader suggests that his finance chief possessed his own motives which involved promoting his books as well as experimenting with his own economic models using Greece rather than truly fighting for the country's economic stability.
Tsipras noted that those negotiations to avoid insolvency were “not just a way to secure improved terms for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece came perilously on the brink of leaving the single currency area.
On the line lay both the country's future and those severe austerity measures required in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, including a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were subjected to a public vote, an action that plunged the EU into further crisis of identity.
Even though the referendum was carried decisively by those who opposed austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included creating a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes how his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
He further claimed that Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
The account of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
