In a recently unveiled personal account, named Ithaki, the ex- premier Tsipras pulls no punches as he revisits that chaotic period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he chose that maverick economist Varoufakis to be his finance minister mainly due to his global profile along with Varoufakis's highly compelling abilities as a communicator.
“He was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader claims how Varoufakis had a personal agenda which included advancing his publications as well as testing out his own economic models using the nation instead of genuinely fighting for the country's financial survival.
Tsipras wrote that those discussions to prevent bankruptcy were “not only a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country found itself dangerously on the brink of exiting the eurozone.
On the line was both the country's future and the punishing austerity policies demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to find financing elsewhere, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move which plunged the EU into deeper existential crisis.
Although the referendum was won decisively by those against austerity, the prime minister was forced to reject its outcome then negotiate a bailout package from creditors that turned out to be tougher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
He also claimed that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This retelling of events has been met with fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
