In a newly released memoir, called Ithaki, the ex- leader Tsipras pulls no punches while he reflects on the chaotic era of Greece's debt drama.
A Controversial Appointment
In Tsipras's account, he appointed that maverick economist Varoufakis as his finance minister primarily because of his international reputation and Varoufakis's “extremely attractive” skills as a public orator.
“He was, in reality, more like a star and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests that Varoufakis had a personal motives that involved advancing his books and testing out his theories using Greece rather than truly advocating its economic stability.
He explained how those negotiations to stave off bankruptcy were “not just a way of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of his ideas.”
Critical Negotiations
Amid volatile negotiations, Greece found itself perilously close to leaving the eurozone.
At stake lay not only the country's future and the harsh cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, an action which threw the EU into a further crisis of identity.
Even though the vote was carried resoundingly by those against austerity, Tsipras was forced to reject its outcome and agree to a bailout package with foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, the leader knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras also wrote that Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with anger along with shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
