In a newly released personal account, titled Ithaki, the former leader Tsipras spares no criticism as he revisits the turbulent era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, he appointed the maverick academic Varoufakis to be the finance minister largely due to the latter's global profile along with his very persuasive skills when it came to communicator.
“In reality, he was, actually, more like a star and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had a personal motives that involved promoting his books and testing out his economic models on Greece instead of genuinely fighting for its financial survival.
He wrote how those negotiations to stave off insolvency were “not just a method to secure improved terms for the country. They became an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During volatile discussions, Greece came dangerously close to leaving the single currency area.
On the line was not only Greece's destiny and the severe austerity measures required in return for financial aid from international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the punitive bailout terms were put to a public vote, a move which plunged Europe into deeper crisis of identity.
Although the vote was carried decisively by voters who opposed austerity, Tsipras had little option but to ignore the result then negotiate a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
When the minister outlined a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the book, the author asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and delicate handling.”
He further claimed that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
