Within his recently unveiled personal account, titled Ithaki, the former premier Tsipras pulls no punches while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's recollections, Tsipras chose that unorthodox academic Varoufakis to be his treasury head primarily due to his international reputation along with Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras suggests how Varoufakis had his own motives that included promoting Varoufakis's publications and testing out his game theories on the nation rather than genuinely fighting for the country's economic stability.
Tsipras wrote that those negotiations to prevent insolvency became “not only a method to secure a better deal for Greece. They were an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile discussions, the country found itself perilously close to leaving the eurozone.
On the line lay both the country's destiny and those harsh cutbacks required in return for bailout funds from international creditors.
Failed Options
Attempts to find financing elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those harsh conditions were put to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister had little option to reject its outcome and negotiate a bailout package from creditors which proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, the leader said he realised it was the end questioning him: “Is this for real?”
Enduring Criticism
In the memoir, the author asserts how his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This retelling of events has been met with fury along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
