Within his recently unveiled autobiography, titled Ithaki, the former premier Tsipras spares no criticism while he revisits the turbulent era during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras appointed the unorthodox academic Varoufakis to be the finance minister primarily due to the latter's global profile and his highly compelling abilities as a public orator.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief possessed his own agenda which included promoting Varoufakis's publications as well as testing out his game theories using the nation rather than genuinely advocating its financial survival.
He noted how the discussions to avoid insolvency were “not only a method to secure a better deal for Greece. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid tense discussions, the country came perilously on the brink of exiting the eurozone.
At stake was not only Greece's destiny but also the severe cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, a move that threw the EU into deeper existential crisis.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome and negotiate a bailout package with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency and distributing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
He also claimed that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of events has provoked fury along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
