In a freshly published personal account, called Ithaki, the former premier Tsipras pulls no punches as he revisits the chaotic era of Greece's financial crisis.
A Controversial Appointment
In the ex-PM's account, he selected that maverick academic Varoufakis to be his finance minister primarily due to the latter's international reputation along with Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, in reality, more like a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis had a personal motives that involved promoting Varoufakis's books and experimenting with his theories using Greece instead of genuinely fighting for its economic stability.
He noted that the discussions to stave off insolvency were “not only a way to secure a better deal for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country came dangerously on the brink of leaving the single currency area.
On the line was both the country's future and the severe austerity measures demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were put to a public vote, a move that threw Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters against austerity, the prime minister had little option to reject its outcome then agree to a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan involving creating a parallel currency and distributing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also wrote how his confrontational style made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were advocating a Greek exit from the euro.
The account of events has provoked fury along with shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
