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 Choice
In the ex-PM's version, Tsipras selected that maverick academic Varoufakis as his finance minister primarily due to his international reputation along with his very persuasive skills as a speaker.
“He was, in reality, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests that Varoufakis had his own agenda that involved advancing Varoufakis's books as well as experimenting with his game theories using the nation instead of truly advocating the country's economic stability.
He wrote that the discussions to stave off bankruptcy became “not just a way to secure a better deal for the country. They were an experiment, an historic opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously on the brink of exiting the single currency area.
At stake was not only Greece's future but also those severe austerity measures required in exchange for financial aid by foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the punitive conditions were subjected to a public vote, an action which threw the EU into deeper crisis of identity.
Even though the referendum was carried decisively by voters against austerity, Tsipras had little option but to reject its outcome and agree to a bailout package from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency and distributing vouchers to retirees, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras further claimed how Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and shock in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
