In a recently unveiled autobiography, titled Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on that turbulent era during Greece's debt drama.
A Controversial Choice
According to Tsipras's recollections, Tsipras selected that maverick economist Varoufakis to be the finance minister mainly due to his worldwide fame and Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own agenda that included promoting his books as well as experimenting with his economic models on Greece instead of genuinely advocating the country's financial survival.
Tsipras wrote how the talks to prevent bankruptcy became “not just a method to secure improved terms for the country. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came perilously close to leaving the single currency area.
On the line was not only the country's destiny and those severe austerity policies required in exchange for rescue loans from foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a public vote, an action which threw the EU into deeper crisis of identity.
Even though the vote was won decisively by those who opposed the cuts, the prime minister had little option but to ignore the result and agree to a bailout package with foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and distributing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts that Varoufakis had proved himself “unfit for a deal that required complex and delicate management.”
Tsipras further claimed that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
