Within his recently unveiled autobiography, named Ithaki, the ex- leader Tsipras does not hold back as he examines that turbulent era during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's account, he chose that unorthodox economist Varoufakis as the finance minister primarily because of the latter's international reputation along with Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, truthfully, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges how his finance chief had his own motives that involved promoting Varoufakis's books and testing out his game theories using the nation instead of truly fighting for the country's financial survival.
He explained that those negotiations to avoid insolvency became “not just a method of achieving a better deal for the country. They were a test, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
During tense negotiations, Greece came perilously close to exiting the eurozone.
On the line lay not only the country's future and the severe cutbacks required in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, including an urgent appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those punitive conditions were put to a popular referendum, a move that plunged the EU into further crisis of identity.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with creditors that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew it was the end and asked him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras further wrote how Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
This account of history has provoked anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
