In a recently unveiled memoir, called Ithaki, the former premier Tsipras does not hold back while he reflects on that chaotic period during Greece's debt drama.
A Controversial Appointment
In Tsipras's account, he appointed that maverick academic Varoufakis to be the treasury head largely due to the latter's global profile along with Varoufakis's very persuasive abilities when it came to speaker.
“He was, actually, more of a personality rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis had his own motives that involved promoting Varoufakis's books as well as testing out his own theories on Greece instead of truly advocating the country's financial survival.
He wrote that those negotiations to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, the country came dangerously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny but also the punishing austerity policies demanded in exchange for financial aid from foreign lenders.
Failed Options
Attempts to find financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, an action which threw the EU into deeper crisis of identity.
Even though the vote was carried resoundingly by those against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal with creditors that turned out to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy involving creating a secondary currency and distributing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
He further wrote that Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of history has provoked fury along with shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
