In a recently unveiled personal account, titled Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on the turbulent era of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's account, he chose the unorthodox academic Varoufakis as his finance minister largely because of his international reputation along with Varoufakis's highly compelling skills when it came to communicator.
“In reality, he was, actually, more like a star rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader claims that Varoufakis possessed his own motives that involved advancing his books as well as testing out his theories on Greece rather than genuinely fighting for the country's economic stability.
He wrote that the negotiations to prevent bankruptcy became “not just a method of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Talks
Amid tense negotiations, Greece came dangerously close to exiting the single currency area.
On the line was not only the country's destiny but also those punishing austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those excoriating conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.
Although the vote was carried decisively by those who opposed the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes how Varoufakis had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked anger and stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
