Within his recently unveiled personal account, named Ithaki, the former leader Tsipras pulls no punches while he revisits that chaotic period during Greece's debt drama.
A Controversial Choice
As per Tsipras's version, he chose that maverick academic Varoufakis as his treasury head mainly due to his international reputation along with Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more like a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own agenda that included promoting his books as well as testing out his own theories on Greece rather than truly advocating its economic stability.
He noted that the negotiations to prevent insolvency became “not just a way to secure improved terms for the country. They were an experiment, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line lay not only Greece's destiny but also the severe austerity measures demanded in exchange for rescue loans from foreign lenders.
Failed Options
Efforts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were put to a popular referendum, a move that plunged the EU into a deeper crisis of identity.
Although the vote was won decisively by voters against the cuts, Tsipras was forced to ignore the result then agree to a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Is this for real?”
Lasting Rebuke
In the book, the author concludes that Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras further claimed how his confrontational approach made him increasingly isolated with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with anger and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.
