In a newly released memoir, called Ithaki, the former premier Tsipras pulls no punches as he reflects on the chaotic era during Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, Tsipras appointed that unorthodox economist Varoufakis to be his finance minister largely due to the latter's international reputation along with Varoufakis's very persuasive abilities when it came to communicator.
“He was, in reality, more like a personality and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis possessed a personal motives which included advancing his publications as well as testing out his game theories using Greece rather than truly advocating the country's economic stability.
Tsipras explained that the negotiations to avoid insolvency became “not only a way to secure a better deal for the country. They became a test, an historic chance to demonstrate the truth of his ideas.”
Critical Talks
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake was not only the country's future and those punishing cutbacks required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those punitive conditions were put to a public vote, a move that threw the EU into a deeper crisis of identity.
Although the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result and agree to a bailout package with creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included creating a parallel currency and issuing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
He also wrote how his confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating Grexit.
The retelling of events has provoked anger along with shock in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
