In a freshly published personal account, called Ithaki, the former prime minister Tsipras spares no criticism as he examines that chaotic era of Greece's debt drama.
An Unconventional Choice
In Tsipras's version, Tsipras appointed that maverick economist Varoufakis to be his treasury head primarily because of his international reputation and Varoufakis's very persuasive skills as a communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief possessed his own motives that involved advancing Varoufakis's books as well as testing out his theories on Greece instead of genuinely fighting for its economic stability.
He explained that the talks to stave off bankruptcy became “not only a way to secure a better deal for the country. They became a test, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Talks
Amid volatile negotiations, Greece came perilously close to exiting the single currency area.
On the line lay both Greece's future and the severe austerity policies demanded in return for rescue loans by international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating conditions were put to a public vote, an action that plunged Europe into deeper crisis of identity.
Although the referendum was won decisively by voters against austerity, the prime minister had little option to reject its outcome and agree to a bailout package with foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
