In a newly released autobiography, titled Ithaki, the former premier Tsipras spares no criticism as he revisits the chaotic period of Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, he appointed the maverick academic Varoufakis as his finance minister mainly due to the latter's global profile along with his highly compelling abilities when it came to public orator.
“In reality, he was, actually, more like a personality and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief had his own agenda that involved advancing his publications as well as experimenting with his economic models using the nation rather than genuinely fighting for the country's economic stability.
Tsipras explained how the negotiations to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the truth of his ideas.”
Critical Negotiations
Amid tense discussions, the country found itself perilously on the brink of leaving the eurozone.
At stake was not only the country's destiny and the punishing cutbacks required in exchange for bailout funds by international creditors.
Failed Options
Efforts to find financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were subjected to a public vote, an action that threw Europe into a deeper existential crisis.
Even though the referendum was carried decisively by voters against the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan that included creating a parallel currency and distributing coupons to retirees, the leader knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He also wrote how his aggressive approach made him more and more alone among peers, put Greece at risk, and helped hawks who were advocating Grexit.
The account of history has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
