In a freshly published memoir, called Ithaki, the ex- premier Tsipras pulls no punches while he reflects on that turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed that maverick economist Varoufakis as his finance minister primarily due to his international reputation and Varoufakis's very persuasive skills when it came to communicator.
“He was, in reality, more like a personality rather than an economist,” recalled Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief had his own agenda which involved promoting his books as well as testing out his own game theories using Greece instead of truly fighting for the country's economic stability.
He wrote that those discussions to stave off bankruptcy were “not only a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, Greece found itself perilously on the brink of leaving the eurozone.
On the line was both the country's future but also the harsh cutbacks required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating conditions were put to a popular referendum, an action that plunged the EU into further existential crisis.
Even though the referendum was won decisively by those who opposed austerity, Tsipras had little option to ignore the result and agree to a bailout package with creditors which proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, the author concludes how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He further wrote how Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
This account of history has been met with fury and shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
