In a freshly published autobiography, named Ithaki, the former prime minister Tsipras spares no criticism as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, he chose that unorthodox academic Varoufakis as the finance minister largely due to the latter's international reputation along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, in reality, more of a star rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests that Varoufakis possessed a personal motives that included advancing Varoufakis's publications and testing out his economic models on the nation rather than genuinely fighting for the country's financial survival.
Tsipras noted how those talks to prevent bankruptcy became “not just a way to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid tense negotiations, Greece came perilously close to exiting the single currency area.
At stake lay not only Greece's future but also those severe cutbacks demanded in return for bailout funds from foreign lenders.
Failed Options
Efforts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were put to a public vote, an action that plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a bailout package with creditors which turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan that included establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”
He further wrote how his aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.
The retelling of history has been met with anger along with shock in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
