Within his freshly published memoir, named Ithaki, the former premier Tsipras spares no criticism as he reflects on the turbulent period of Greece's economic turmoil.
A Controversial Choice
According to Tsipras's version, Tsipras appointed the maverick academic Varoufakis as the treasury head primarily because of his international reputation along with his “extremely attractive” skills as a speaker.
“He was, actually, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests that his finance chief had his own motives which included advancing his books as well as testing out his theories using the nation instead of truly advocating its economic stability.
He noted how those talks to stave off bankruptcy were “not just a way of achieving a better deal for Greece. They were a test, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During tense negotiations, Greece came dangerously close to leaving the eurozone.
On the line was not only Greece's destiny but also those punishing austerity measures required in exchange for rescue loans by international creditors.
Failed Options
Efforts to secure funds from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Even though the referendum was carried decisively by voters against the cuts, the prime minister had little option but to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency as well as distributing coupons to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes that his former ally demonstrated himself “unsuitable for a deal that required intricate and delicate handling.”
He also wrote that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
The retelling of history has been met with fury along with shock in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
