Within his recently unveiled personal account, titled Ithaki, the ex- premier Tsipras pulls no punches as he reflects on the chaotic period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, Tsipras chose the unorthodox academic Varoufakis to be his finance minister largely because of the latter's international reputation and his highly compelling skills when it came to speaker.
“He was, actually, more like a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis had a personal agenda which involved advancing his books as well as experimenting with his economic models using Greece rather than truly fighting for its economic stability.
He explained how those discussions to stave off bankruptcy were “not just a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously on the brink of exiting the eurozone.
At stake was both Greece's future and those punishing cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were put to a public vote, a move that threw Europe into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a bailout package with foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included creating a secondary currency and issuing vouchers to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate management.”
He also claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, and helped hawks that were advocating Grexit.
This account of history has been met with fury and shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
