In a recently unveiled personal account, titled Ithaki, the ex- leader Tsipras spares no criticism while he examines the chaotic era of Greece's debt drama.
A Controversial Choice
In the ex-PM's version, he selected that maverick academic Varoufakis as his treasury head mainly because of the latter's international reputation along with Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed his own motives which involved promoting his publications as well as testing out his own theories on the nation rather than genuinely advocating its economic stability.
Tsipras noted that the negotiations to prevent bankruptcy were “not just a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense negotiations, the country came dangerously close to leaving the single currency area.
On the line was both Greece's future but also those harsh cutbacks demanded in exchange for bailout funds from foreign lenders.
Failed Options
Efforts to secure financing from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move which threw the EU into deeper crisis of identity.
Even though the vote was carried decisively by those against the cuts, the prime minister had little option to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who attracted media attention, who graced the covers of publications the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy that included establishing a parallel currency as well as distributing coupons to retirees, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras also claimed how his confrontational approach left him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of events has been met with fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
