In a freshly published personal account, named Ithaki, the former prime minister Tsipras pulls no punches while he revisits that chaotic era of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras selected the unorthodox academic Varoufakis as his finance minister mainly due to the latter's global profile along with his very persuasive abilities when it came to public orator.
“He was, actually, more of a personality rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis had his own motives that included advancing Varoufakis's books as well as experimenting with his own game theories on Greece instead of truly advocating its financial survival.
Tsipras explained that those talks to prevent bankruptcy became “not only a way to secure improved terms for Greece. They became an experiment, a monumental chance to prove the truth of his economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came perilously close to leaving the single currency area.
At stake was both Greece's future and the harsh austerity policies demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action that plunged Europe into further crisis of identity.
Even though the vote was carried decisively by those who opposed austerity, Tsipras had little option but to ignore the result and agree to a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan involving creating a parallel currency and issuing coupons to pensioners, Tsipras knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts how his former ally had proved himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras also wrote that his aggressive style left him more and more alone among peers, endangered the country, and helped hawks who were pushing for Grexit.
This retelling of history has provoked anger and shock in some quarters, while Varoufakis has maintained a deafening silence on the matter.
