In a recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras does not hold back while he examines the turbulent period of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's account, Tsipras appointed the maverick academic Varoufakis to be his treasury head mainly because of his global profile along with Varoufakis's “extremely attractive” skills as a speaker.
“He was, truthfully, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges that Varoufakis had his own agenda which included promoting Varoufakis's publications and experimenting with his theories using Greece instead of genuinely fighting for the country's economic stability.
He noted that the discussions to prevent insolvency were “not only a method to secure a better deal for Greece. They were an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During volatile negotiations, Greece found itself perilously on the brink of exiting the eurozone.
On the line lay not only the country's destiny and those harsh cutbacks required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
That summer, the punitive conditions were put to a public vote, an action which threw the EU into further crisis of identity.
Although the referendum was carried resoundingly by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a parallel currency and issuing vouchers to pensioners, Tsipras said he realised it was the end and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive management.”
He further wrote how his confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
The account of events has been met with anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
