Within his recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's account, Tsipras selected the maverick academic Varoufakis as his finance minister largely due to his global profile along with his very persuasive skills as a communicator.
“In reality, he was, in reality, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal agenda that involved promoting Varoufakis's publications as well as testing out his own economic models using Greece instead of truly advocating the country's financial survival.
He wrote how those talks to prevent bankruptcy became “not just a method to secure improved terms for the country. They were a test, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
During tense discussions, the country came dangerously close to exiting the single currency area.
At stake was not only the country's destiny and those severe cutbacks demanded in return for bailout funds from international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, those punitive bailout terms were subjected to a popular referendum, a move which plunged Europe into deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result then agree to a bailout package from creditors which turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author asserts that Varoufakis had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
He further wrote how Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
The retelling of history has been met with anger along with shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
