In a freshly published memoir, titled Ithaki, the former leader Tsipras does not hold back while he revisits that chaotic era of Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's version, he appointed that maverick economist Varoufakis as the treasury head primarily due to his global profile and his “extremely attractive” abilities when it came to speaker.
“He was, in reality, more like a personality and less of an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras claims that his finance chief possessed a personal agenda that involved advancing his books and experimenting with his own game theories on Greece rather than genuinely advocating its financial survival.
He explained that those discussions to prevent insolvency became “not just a method to secure a better deal for Greece. They were an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came dangerously close to leaving the single currency area.
On the line was not only the country's destiny and those punishing cutbacks required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the punitive conditions were subjected to a popular referendum, an action which plunged the EU into a deeper crisis of identity.
Although the referendum was carried decisively by voters against austerity, the prime minister was forced to reject its outcome and agree to a rescue deal with foreign lenders that proved to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally had proved himself to be “unsuitable for a deal demanding complex and delicate management.”
He further wrote that his aggressive style left him increasingly isolated among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
