In a freshly published personal account, named Ithaki, the former premier Tsipras spares no criticism as he revisits that turbulent period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, Tsipras chose that unorthodox academic Varoufakis to be his treasury head mainly because of the latter's international reputation along with his highly compelling skills when it came to speaker.
“He was, actually, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras alleges how his finance chief possessed a personal agenda that included advancing his books and experimenting with his own economic models using Greece instead of genuinely fighting for its economic stability.
Tsipras explained that those discussions to prevent insolvency became “not only a way of achieving a better deal for the country. They were an experiment, a monumental chance to prove the validity of his ideas.”
Critical Talks
During rollercoaster negotiations, Greece came dangerously on the brink of exiting the single currency area.
At stake was both the country's destiny but also those severe austerity policies demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which threw Europe into deeper crisis of identity.
Although the vote was carried decisively by voters against austerity, Tsipras had little option but to ignore the result then agree to a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and delicate handling.”
He also claimed that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hawks that were pushing for Grexit.
The account of history has been met with anger along with shock in some quarters, while the former minister has so far kept a deafening silence on the matter.
