Within his recently unveiled personal account, titled Ithaki, the ex- prime minister Tsipras does not hold back while he examines that chaotic period during Greece's debt drama.
An Unconventional Choice
In Tsipras's account, he chose the unorthodox academic Varoufakis to be the finance minister largely due to the latter's worldwide fame along with Varoufakis's highly compelling skills as a speaker.
“He was, actually, more of a personality and less of an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis possessed a personal motives that involved promoting Varoufakis's books and testing out his own game theories on Greece instead of truly advocating its financial survival.
He wrote how the discussions to avoid insolvency were “not just a way of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During tense negotiations, the country came perilously close to leaving the eurozone.
At stake lay both the country's destiny but also the severe austerity measures required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum and U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move which threw Europe into a further crisis of identity.
Although the referendum was won decisively by those against austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras also wrote how his aggressive style left him more and more alone among peers, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of events has been met with fury and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
