In a newly released memoir, called Ithaki, the former leader Tsipras spares no criticism while he examines the chaotic period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he selected the maverick academic Varoufakis to be his treasury head largely due to his global profile along with his “extremely attractive” skills as a public orator.
“He was, in reality, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief possessed a personal agenda which included promoting Varoufakis's books as well as experimenting with his own economic models using the nation rather than genuinely advocating the country's economic stability.
Tsipras noted that the negotiations to stave off bankruptcy were “not just a way of achieving improved terms for the country. They became a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid tense discussions, Greece came perilously on the brink of leaving the eurozone.
On the line was not only the country's destiny but also those harsh cutbacks demanded in exchange for financial aid from foreign lenders.
Failed Options
Attempts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome then negotiate a bailout package from creditors that turned out to be even harsher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan involving creating a secondary currency as well as distributing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and sensitive management.”
He also claimed that his aggressive approach made him more and more alone among peers, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This account of history has provoked anger along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence on the matter.
