In a newly released memoir, called Ithaki, the ex- prime minister Tsipras spares no criticism as he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he chose that maverick academic Varoufakis to be his treasury head primarily because of his worldwide fame and Varoufakis's highly compelling skills as a communicator.
“He was, truthfully, more like a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges how Varoufakis had his own motives which included promoting his books as well as experimenting with his theories using the nation instead of truly fighting for its financial survival.
He wrote that the negotiations to stave off bankruptcy were “not just a way to secure a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid tense discussions, the country found itself dangerously close to leaving the eurozone.
On the line was not only Greece's future but also those harsh austerity measures required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing from other sources, including a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move that threw the EU into a further existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, the leader knew it was game over and asked him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how his former ally had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
He further wrote that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
