Within his recently unveiled personal account, named Ithaki, the ex- premier Tsipras pulls no punches as he reflects on that chaotic period during Greece's debt drama.
A Controversial Choice
According to the ex-PM's account, Tsipras appointed that maverick economist Varoufakis as his treasury head mainly due to the latter's global profile along with Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief possessed his own motives which involved promoting Varoufakis's books as well as experimenting with his own theories on Greece rather than truly fighting for its economic stability.
He explained that those talks to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.
At stake lay both the country's future but also those punishing cutbacks required in return for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those punitive conditions were put to a popular referendum, an action which plunged the EU into further crisis of identity.
Although the vote was won decisively by voters who opposed austerity, Tsipras had little option to reject its outcome and agree to a rescue deal from creditors that turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was game over questioning him: “Is this for real?”
Enduring Criticism
In the memoir, the author asserts how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and sensitive handling.”
He also claimed that his confrontational approach left him more and more alone among peers, endangered the country, while helped hawks that were advocating Grexit.
The account of events has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
