Within his recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras spares no criticism while he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose that unorthodox academic Varoufakis to be his finance minister primarily due to the latter's global profile along with Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more like a personality and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief possessed his own agenda which included promoting his books as well as experimenting with his own theories on Greece rather than truly fighting for the country's economic stability.
Tsipras noted that the talks to prevent bankruptcy became “not just a method to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came perilously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny and those severe austerity policies demanded in exchange for financial aid from foreign lenders.
Failed Options
Attempts to find funds from other sources, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those punitive bailout terms were put to a public vote, an action that threw Europe into a further crisis of identity.
Even though the vote was won resoundingly by voters against austerity, the prime minister had little option to reject its outcome then negotiate a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes that his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
Tsipras also claimed that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The account of events has been met with fury and stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
