In a recently unveiled personal account, titled Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on the turbulent period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, he selected that unorthodox academic Varoufakis to be his treasury head primarily because of his international reputation and Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more of a star rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges how his finance chief had his own motives that included promoting Varoufakis's publications and testing out his theories using the nation rather than genuinely advocating its economic stability.
Tsipras explained that the negotiations to prevent bankruptcy became “not only a way of achieving a better deal for the country. They were an experiment, a monumental chance to demonstrate the truth of his ideas.”
Critical Talks
During tense discussions, the country came perilously close to leaving the single currency area.
At stake was both Greece's future and those severe austerity measures required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were subjected to a public vote, an action which plunged the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to ignore the result then negotiate a rescue deal from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After the minister outlined a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further wrote how his confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
