Within his newly released memoir, named Ithaki, the ex- premier Tsipras spares no criticism as he revisits the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, he selected that unorthodox economist Varoufakis as the finance minister primarily because of the latter's worldwide fame and his highly compelling skills as a speaker.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis possessed his own agenda that included promoting Varoufakis's publications as well as experimenting with his own theories using Greece instead of genuinely advocating its financial survival.
He explained how the discussions to prevent bankruptcy were “not just a way to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece came dangerously close to exiting the single currency area.
At stake was not only the country's destiny and those severe cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a popular referendum, an action that threw the EU into deeper existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author asserts that his former ally had proved himself to be “unfit for a deal that required complex and sensitive handling.”
He further claimed that his confrontational style left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has provoked fury along with shock among certain groups, while Varoufakis has so far kept a deafening silence on the matter.
