Within his freshly published personal account, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits the chaotic era of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, he selected the maverick academic Varoufakis as his finance minister primarily because of his worldwide fame and his “extremely attractive” skills as a public orator.
“He was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras alleges how Varoufakis had his own motives that included advancing Varoufakis's books and experimenting with his economic models on Greece rather than truly advocating the country's economic stability.
He explained how the negotiations to stave off bankruptcy became “not just a way to secure a better deal for the country. They were an experiment, an historic opportunity to prove the validity of Varoufakis's theories.”
Critical Talks
During volatile discussions, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was not only the country's destiny and the severe austerity measures required in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were put to a public vote, a move that threw the EU into further existential crisis.
Although the referendum was won decisively by those against austerity, Tsipras was forced to ignore the result and negotiate a bailout package with creditors which proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the book, the author asserts how Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive handling.”
He also wrote that his confrontational style left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
This retelling of events has been met with fury and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
