In a freshly published personal account, titled Ithaki, the ex- leader Tsipras pulls no punches as he reflects on that turbulent period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, he selected the maverick economist Varoufakis to be the finance minister primarily because of his worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“He was, truthfully, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives which involved promoting his publications as well as testing out his game theories on Greece instead of genuinely fighting for the country's economic stability.
He explained how the negotiations to prevent insolvency were “not only a way of achieving improved terms for the country. They became a test, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny and those harsh austerity measures required in exchange for financial aid by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum and Reversal
That summer, the punitive bailout terms were put to a public vote, a move that threw Europe into a deeper crisis of identity.
Even though the referendum was won resoundingly by voters against austerity, Tsipras was forced to reject its outcome and negotiate a bailout package from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras further wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.
This retelling of events has provoked anger along with shock in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
