Within his freshly published autobiography, called Ithaki, the ex- premier Tsipras pulls no punches while he examines the turbulent period during Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, Tsipras selected the unorthodox academic Varoufakis to be his treasury head mainly due to the latter's international reputation and Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, truthfully, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief had his own agenda that involved advancing Varoufakis's publications as well as testing out his own theories using Greece instead of genuinely fighting for the country's financial survival.
He explained how the negotiations to prevent bankruptcy were “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During volatile discussions, Greece found itself perilously on the brink of leaving the eurozone.
At stake lay not only the country's future but also the harsh austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those punitive conditions were put to a popular referendum, a move which plunged the EU into a further existential crisis.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option to reject its outcome then agree to a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the covers of publications the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy involving establishing a parallel currency and distributing coupons to retirees, Tsipras knew it was game over and asked him: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for a deal demanding intricate and sensitive management.”
He further claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
The account of history has been met with fury along with shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
