In a recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras does not hold back while he revisits the chaotic period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected the maverick academic Varoufakis as his finance minister largely because of his international reputation along with his very persuasive skills when it came to public orator.
“He was, truthfully, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis possessed a personal agenda that involved advancing his publications as well as experimenting with his theories using Greece instead of truly fighting for the country's financial survival.
Tsipras noted that the discussions to stave off insolvency were “not only a way to secure improved terms for the country. They became a test, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During volatile negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line lay both Greece's future and those harsh austerity measures required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, an action which threw the EU into further existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and negotiate a rescue deal with creditors that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, Tsipras knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts that Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The account of history has provoked fury along with shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
