Within his recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits the chaotic period during Greece's economic turmoil.
A Controversial Choice
In the ex-PM's version, Tsipras appointed the unorthodox academic Varoufakis to be his treasury head mainly because of the latter's worldwide fame and Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis had a personal agenda that involved advancing Varoufakis's books and testing out his own game theories using the nation instead of genuinely advocating the country's financial survival.
He explained how the discussions to prevent bankruptcy became “not just a way of achieving a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
Critical Talks
During rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
At stake was both the country's future and the severe austerity policies required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate plea to Russia to buy Greek bonds, were rejected.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh conditions were subjected to a popular referendum, an action which plunged the EU into further existential crisis.
Even though the referendum was won decisively by voters against austerity, the prime minister was forced to ignore the result and agree to a bailout package from creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing vouchers to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He further wrote how Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
