In a newly released personal account, named Ithaki, the ex- premier Tsipras spares no criticism while he examines the chaotic period of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, he selected the maverick economist Varoufakis as his finance minister mainly because of the latter's global profile and his “extremely attractive” skills as a speaker.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader claims that Varoufakis had his own motives that involved promoting his publications as well as testing out his economic models on Greece rather than genuinely advocating the country's financial survival.
He wrote that the negotiations to stave off insolvency became “not only a method to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of his economic theories.”
Critical Negotiations
During volatile discussions, Greece came dangerously on the brink of leaving the eurozone.
On the line lay not only the country's future but also the severe austerity measures required in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action which threw Europe into a deeper existential crisis.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister was forced to reject its outcome and agree to a bailout package with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
When the minister proposed a contingency plan that included creating a secondary currency and issuing coupons to pensioners, Tsipras knew that it was the end questioning him: “Are you serious?”
Lasting Criticism
Within the book, the author concludes how Varoufakis had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
He also wrote how his aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
The retelling of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
