Within his recently unveiled personal account, named Ithaki, the former premier Tsipras spares no criticism while he examines that turbulent era of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras selected the maverick economist Varoufakis to be the finance minister mainly due to his worldwide fame and his “extremely attractive” skills as a communicator.
“He was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief possessed a personal motives that involved promoting his books as well as testing out his theories using Greece instead of truly advocating the country's financial survival.
Tsipras noted how the discussions to avoid bankruptcy became “not only a method to secure improved terms for Greece. They were a test, an historic chance to prove the truth of his economic theories.”
Critical Talks
During tense discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake lay both the country's future and the punishing austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, a move which threw the EU into a further existential crisis.
Although the referendum was won decisively by those who opposed austerity, Tsipras had little option but to ignore the result and agree to a rescue deal from creditors that proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency and distributing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unfit for a deal that required intricate and delicate management.”
Tsipras further claimed that his aggressive approach left him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating Grexit.
The retelling of events has been met with anger and shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
