Within his freshly published personal account, titled Ithaki, the ex- premier Tsipras does not hold back as he revisits that chaotic era of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's version, he appointed that unorthodox academic Varoufakis to be the finance minister primarily because of the latter's worldwide fame and his very persuasive abilities as a public orator.
“He was, actually, more like a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own motives that included promoting his publications and experimenting with his economic models on Greece instead of genuinely advocating its financial survival.
He wrote how those negotiations to stave off bankruptcy became “not just a way of achieving improved terms for Greece. They became an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
During tense discussions, the country found itself perilously close to leaving the eurozone.
On the line lay both the country's destiny but also the harsh austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were subjected to a popular referendum, an action which threw Europe into further crisis of identity.
Even though the referendum was carried decisively by those against the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included creating a parallel currency and issuing coupons to retirees, the leader knew it was the end questioning him: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate handling.”
He also wrote that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
This account of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
