In a newly released personal account, named Ithaki, the ex- leader Tsipras pulls no punches as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, he selected that unorthodox economist Varoufakis as the finance minister primarily due to his international reputation along with his highly compelling abilities as a speaker.
“He was, actually, more of a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis had his own agenda that involved advancing his publications as well as testing out his theories on the nation rather than truly advocating its financial survival.
He noted how the discussions to prevent insolvency became “not just a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Talks
Amid volatile discussions, the country found itself perilously close to leaving the single currency area.
At stake was both the country's future and those punishing austerity policies demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those harsh bailout terms were subjected to a public vote, an action that threw the EU into further existential crisis.
Although the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package from creditors that proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts how his former ally had proved himself “unfit for an agreement that required complex and delicate management.”
He further wrote how Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
This retelling of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
