Within his recently unveiled autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism while he examines the chaotic period of Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, he chose that maverick academic Varoufakis to be his finance minister mainly because of his international reputation and Varoufakis's very persuasive abilities when it came to public orator.
“He was, truthfully, more of a star rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests how his finance chief possessed a personal agenda which included advancing his books and testing out his economic models on Greece instead of genuinely fighting for the country's economic stability.
Tsipras noted that the negotiations to stave off insolvency were “not just a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself perilously on the brink of exiting the eurozone.
On the line lay both Greece's future and the punishing cutbacks demanded in return for bailout funds from foreign lenders.
Failed Options
Efforts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were put to a popular referendum, an action that threw the EU into a deeper existential crisis.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal from creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author asserts how his former ally had proved himself “unfit for a deal demanding complex and delicate management.”
He further claimed how Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This account of events has been met with fury and shock among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
