Within his freshly published personal account, called Ithaki, the ex- leader Tsipras pulls no punches while he examines the turbulent era of Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, he appointed that unorthodox academic Varoufakis to be the finance minister largely because of his international reputation along with his “extremely attractive” abilities as a public orator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief possessed his own agenda that included promoting Varoufakis's publications as well as experimenting with his theories on Greece instead of truly advocating the country's financial survival.
He noted that the discussions to stave off bankruptcy became “not just a way of achieving a better deal for the country. They were a test, a monumental opportunity to prove the truth of his theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece came dangerously close to exiting the single currency area.
At stake was not only Greece's future but also the severe austerity policies demanded in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, an action which threw Europe into a further crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras had little option to reject its outcome and negotiate a rescue deal from creditors that turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself “unfit for an agreement demanding intricate and delicate management.”
Tsipras further claimed that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
The account of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
