Within his recently unveiled personal account, called Ithaki, the ex- leader Tsipras spares no criticism while he revisits that turbulent period of Greece's debt drama.
A Controversial Choice
According to Tsipras's recollections, he appointed that unorthodox academic Varoufakis to be the treasury head mainly due to his global profile and his highly compelling skills as a speaker.
“In reality, he was, truthfully, more like a personality rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges that his finance chief possessed a personal motives that involved advancing his books as well as experimenting with his theories on the nation instead of truly fighting for its economic stability.
Tsipras explained how the talks to stave off insolvency became “not only a method of achieving improved terms for the country. They became a test, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself perilously close to leaving the single currency area.
At stake lay both Greece's destiny and those harsh cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, a move which plunged the EU into further crisis of identity.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and sensitive management.”
He further claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The account of history has been met with fury and shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
