In a freshly published personal account, named Ithaki, the former premier Tsipras spares no criticism while he reflects on that chaotic era during Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, Tsipras chose the unorthodox economist Varoufakis to be his treasury head largely due to the latter's international reputation along with Varoufakis's very persuasive skills when it came to public orator.
“He was, in reality, more of a star rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own motives that included advancing his publications and testing out his economic models using Greece rather than genuinely advocating its economic stability.
He noted that the negotiations to avoid bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, a monumental chance to prove the validity of his theories.”
Critical Negotiations
During rollercoaster discussions, the country found itself dangerously on the brink of exiting the eurozone.
On the line was not only Greece's destiny but also the punishing austerity policies demanded in return for bailout funds by international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that plunged the EU into a deeper crisis of identity.
Although the referendum was carried resoundingly by voters against the cuts, the prime minister was forced to ignore the result and agree to a bailout package with foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and sensitive management.”
He further wrote how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
The account of history has been met with fury along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
