In a freshly published memoir, titled Ithaki, the former prime minister Tsipras spares no criticism while he examines the chaotic era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, he chose the unorthodox economist Varoufakis to be the finance minister mainly because of his international reputation along with his highly compelling abilities as a public orator.
“He was, truthfully, more of a star rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives which included promoting Varoufakis's books as well as experimenting with his own theories using the nation instead of truly fighting for the country's financial survival.
He noted how the negotiations to avoid bankruptcy became “not just a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the truth of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
At stake was both the country's destiny and those punishing austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, those excoriating conditions were subjected to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who graced the covers of publications globally … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Are you serious?”
Lasting Criticism
In the book, the author concludes that Varoufakis had proved himself “unfit for an agreement demanding complex and delicate management.”
He further wrote how his confrontational style made him increasingly isolated with colleagues, endangered the country, and helped hawks who were pushing for Grexit.
The account of events has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
