In a newly released personal account, titled Ithaki, the former prime minister Tsipras does not hold back as he examines that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's account, Tsipras appointed the maverick economist Varoufakis to be his finance minister largely due to his international reputation along with his very persuasive skills as a speaker.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests that Varoufakis possessed his own motives that included advancing Varoufakis's books as well as testing out his own game theories on the nation instead of truly fighting for its financial survival.
He wrote how the discussions to stave off insolvency were “not only a method of achieving a better deal for the country. They became a test, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
During tense negotiations, Greece came perilously close to leaving the eurozone.
On the line lay both the country's future and those severe cutbacks required in exchange for financial aid by international creditors.
Failed Options
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome then negotiate a bailout package with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis had proved himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras also claimed how his aggressive style made him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating Grexit.
The account of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
