Within his newly released personal account, called Ithaki, the former prime minister Tsipras spares no criticism while he reflects on the turbulent period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, Tsipras chose the unorthodox academic Varoufakis as the finance minister largely because of the latter's worldwide fame along with his “extremely attractive” abilities when it came to speaker.
“He was, truthfully, more of a star rather than an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests how his finance chief possessed his own agenda which involved advancing his books and testing out his economic models on Greece instead of genuinely advocating its financial survival.
Tsipras wrote how the talks to avoid insolvency were “not just a way of achieving improved terms for the country. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake was not only Greece's future and the severe austerity measures demanded in return for rescue loans by international creditors.
Failed Options
Efforts to secure funds from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a public vote, a move that plunged Europe into a further crisis of identity.
Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result then agree to a bailout package from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis had proved himself “unfit for a deal that required intricate and delicate handling.”
He further wrote that Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The account of history has provoked anger along with shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
