In a recently unveiled personal account, called Ithaki, the ex- prime minister Tsipras spares no criticism while he reflects on that turbulent period of Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, he chose the maverick academic Varoufakis to be his finance minister mainly due to his worldwide fame along with his highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more of a star and less of an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief possessed a personal motives which included advancing his publications as well as experimenting with his own theories on Greece instead of truly fighting for its economic stability.
Tsipras wrote that those talks to avoid insolvency became “not only a way of achieving improved terms for the country. They became an experiment, an historic chance to prove the truth of his economic theories.”
Critical Negotiations
During volatile negotiations, Greece found itself dangerously close to exiting the eurozone.
At stake lay not only Greece's destiny but also the punishing austerity policies demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the excoriating conditions were put to a public vote, an action which plunged the EU into a further crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy that included creating a secondary currency and issuing coupons to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate management.”
He also wrote that his aggressive approach left him increasingly isolated among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
This account of history has provoked fury and stunned disbelief among certain groups, while the former minister has kept a deafening silence regarding these claims.
