In a recently unveiled personal account, titled Ithaki, the ex- premier Tsipras spares no criticism as he revisits the chaotic period during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, he selected the unorthodox economist Varoufakis as the finance minister largely due to his worldwide fame and Varoufakis's highly compelling skills as a speaker.
“He was, actually, more like a star and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims that Varoufakis possessed his own motives that involved promoting Varoufakis's publications as well as testing out his game theories using Greece instead of truly fighting for its economic stability.
He wrote that the talks to stave off bankruptcy became “not only a method of achieving improved terms for Greece. They were a test, an historic chance to prove the validity of his theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny but also the severe austerity policies demanded in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
That summer, those punitive bailout terms were subjected to a public vote, an action which plunged the EU into a further crisis of identity.
Although the referendum was carried decisively by voters against austerity, the prime minister had little option but to ignore the result and agree to a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency and issuing coupons to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
He further claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
