Within his recently unveiled personal account, titled Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on that chaotic period of Greece's debt drama.
A Controversial Appointment
In Tsipras's account, he appointed the maverick economist Varoufakis as the finance minister primarily because of the latter's international reputation along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, in reality, more of a star and less of an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader claims that his finance chief had a personal agenda which included promoting his publications as well as testing out his own theories on Greece instead of truly advocating the country's economic stability.
He noted how those talks to avoid bankruptcy became “not only a method to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of his ideas.”
Critical Negotiations
Amid volatile discussions, Greece came perilously on the brink of leaving the eurozone.
On the line lay not only Greece's future and those punishing cutbacks demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Helping Greece was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those excoriating conditions were put to a popular referendum, an action that threw the EU into deeper existential crisis.
Although the referendum was carried resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result and agree to a rescue deal from creditors which turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, the leader knew that it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
The account of events has provoked anger along with stunned disbelief among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
