In a freshly published personal account, called Ithaki, the former leader Tsipras spares no criticism as he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, he chose that maverick economist Varoufakis as the finance minister primarily because of his global profile and his “extremely attractive” skills when it came to speaker.
“He was, in reality, more of a star rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief possessed a personal motives that involved promoting Varoufakis's publications as well as experimenting with his own theories using the nation rather than genuinely fighting for its economic stability.
Tsipras noted how the discussions to prevent insolvency became “not just a way of achieving improved terms for the country. They became a test, an historic chance to demonstrate the truth of his economic theories.”
Critical Negotiations
During tense negotiations, Greece came perilously close to leaving the single currency area.
On the line was not only Greece's future and those severe cutbacks demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those punitive conditions were put to a public vote, an action that plunged the EU into further crisis of identity.
Although the vote was carried decisively by those against austerity, Tsipras was forced to ignore the result and negotiate a rescue deal from foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes how his former ally had proved himself “unsuitable for a deal demanding complex and sensitive management.”
Tsipras further wrote how his confrontational approach left him more and more alone among peers, endangered the country, while assisted hawks who were pushing for Grexit.
The retelling of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
