In a newly released memoir, titled Ithaki, the former prime minister Tsipras spares no criticism while he revisits the chaotic era of Greece's debt drama.
An Unconventional Choice
In Tsipras's account, Tsipras selected that unorthodox economist Varoufakis to be his treasury head mainly because of his international reputation and his highly compelling skills as a communicator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader alleges how Varoufakis had a personal motives which involved promoting Varoufakis's publications as well as testing out his theories using Greece instead of truly advocating its financial survival.
Tsipras explained that the talks to avoid insolvency were “not just a method of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously on the brink of leaving the eurozone.
On the line was both the country's future but also the harsh austerity policies demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action which threw Europe into a further crisis of identity.
Even though the referendum was carried resoundingly by those against the cuts, the prime minister had little option to ignore the result and agree to a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included creating a parallel currency and distributing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author asserts how Varoufakis demonstrated himself “unfit for an agreement demanding complex and delicate management.”
He also claimed how his confrontational style left him more and more alone among peers, put Greece at risk, and helped hardliners who were advocating Grexit.
The account of history has provoked anger and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
