Within his newly released memoir, called Ithaki, the former premier Tsipras does not hold back as he reflects on that chaotic era of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's version, he selected that unorthodox academic Varoufakis to be his finance minister largely due to the latter's international reputation along with his “extremely attractive” skills as a public orator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief possessed his own motives which involved promoting his books as well as testing out his own theories on the nation instead of truly fighting for the country's economic stability.
He noted that the talks to avoid insolvency became “not only a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
During tense negotiations, Greece came perilously on the brink of leaving the single currency area.
At stake lay both the country's destiny and the severe cutbacks demanded in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, including an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and Reversal
That summer, the punitive conditions were put to a public vote, a move that plunged the EU into deeper existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to ignore the result and agree to a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a contingency plan that included creating a secondary currency and distributing coupons to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He further wrote that his confrontational style left him increasingly isolated with colleagues, endangered the country, while helped hardliners that were advocating a Greek exit from the euro.
This account of events has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
