Within his freshly published personal account, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he examines the turbulent era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, Tsipras selected the maverick academic Varoufakis to be the treasury head largely due to his worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“He was, actually, more of a personality and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had a personal agenda that included advancing Varoufakis's publications and experimenting with his economic models on the nation rather than truly fighting for the country's financial survival.
He wrote that the discussions to prevent bankruptcy were “not only a way to secure improved terms for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself dangerously close to leaving the single currency area.
On the line was both the country's destiny but also the harsh cutbacks required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and Reversal
That summer, those harsh bailout terms were put to a popular referendum, an action that threw the EU into deeper existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras had little option but to ignore the result and agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy involving creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and delicate handling.”
He also wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, and assisted hardliners who were advocating Grexit.
This retelling of history has provoked anger along with shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
