Within his newly released autobiography, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he revisits the chaotic era during Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's recollections, he selected the maverick academic Varoufakis to be his finance minister primarily due to the latter's worldwide fame and his “extremely attractive” abilities when it came to speaker.
“He was, actually, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief possessed his own agenda that involved promoting Varoufakis's publications as well as testing out his own economic models on the nation instead of genuinely fighting for its financial survival.
Tsipras noted that the negotiations to avoid bankruptcy were “not just a method to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
During tense discussions, Greece came perilously on the brink of leaving the single currency area.
At stake lay not only the country's destiny but also those harsh austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the punitive bailout terms were put to a popular referendum, an action that plunged the EU into a further existential crisis.
Even though the referendum was carried resoundingly by voters against austerity, Tsipras was forced but to reject its outcome and agree to a bailout package from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing coupons to pensioners, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and sensitive handling.”
He also claimed how his confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with fury along with shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
