In a recently unveiled personal account, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits that turbulent era of Greece's debt drama.
A Controversial Choice
According to the ex-PM's version, Tsipras selected the unorthodox academic Varoufakis to be the finance minister largely due to the latter's global profile and Varoufakis's “extremely attractive” skills as a communicator.
“He was, actually, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief had his own motives that involved advancing Varoufakis's publications as well as experimenting with his own game theories on Greece instead of truly fighting for its economic stability.
He wrote how the talks to stave off insolvency were “not only a way to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Talks
During tense discussions, the country found itself perilously close to exiting the eurozone.
On the line lay not only the country's destiny and the punishing austerity policies required in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action which threw the EU into a deeper crisis of identity.
Even though the referendum was won resoundingly by those against austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After the minister proposed a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning him: “Can you be serious?”
Lasting Criticism
Within the book, the author asserts that Varoufakis demonstrated himself “unfit for a deal that required intricate and sensitive handling.”
He further wrote how Varoufakis's confrontational style made him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
