Within his freshly published memoir, called Ithaki, the former prime minister Tsipras spares no criticism while he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, Tsipras selected that maverick economist Varoufakis to be his finance minister mainly due to his international reputation along with Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, actually, more like a personality rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis possessed a personal agenda that involved advancing Varoufakis's publications as well as experimenting with his own game theories on Greece instead of genuinely advocating its economic stability.
He explained that the discussions to prevent bankruptcy were “not only a way to secure a better deal for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's theories.”
Critical Negotiations
During volatile discussions, the country found itself perilously close to leaving the single currency area.
On the line lay not only the country's future but also those punishing austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
That summer, the punitive bailout terms were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Although the vote was carried decisively by voters against the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal with foreign lenders that proved to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a secondary currency and issuing vouchers to retirees, the leader knew it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive management.”
Tsipras also claimed that his confrontational style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
