In a freshly published memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on that turbulent period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras chose that maverick academic Varoufakis to be his finance minister primarily due to his global profile and his highly compelling skills as a public orator.
“He was, actually, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis possessed his own motives which included advancing Varoufakis's books as well as testing out his game theories using the nation rather than truly fighting for its economic stability.
He explained how those negotiations to prevent insolvency became “not just a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country found itself perilously close to leaving the single currency area.
On the line was both Greece's destiny and the severe cutbacks required in return for bailout funds by international creditors.
Failed Alternatives
Efforts to secure funds from other sources, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating conditions were subjected to a public vote, a move which threw Europe into deeper crisis of identity.
Although the vote was carried decisively by those against austerity, Tsipras had little option to ignore the result and negotiate a rescue deal from foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for Grexit.
This retelling of events has provoked fury along with stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.
