In a recently unveiled memoir, called Ithaki, the ex- leader Tsipras pulls no punches as he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, Tsipras appointed the maverick economist Varoufakis to be the finance minister largely due to the latter's global profile along with his highly compelling abilities when it came to communicator.
“He was, in reality, more like a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed his own agenda which involved advancing his publications and testing out his own game theories on Greece instead of truly fighting for its economic stability.
He wrote how the talks to avoid bankruptcy became “not just a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously close to exiting the single currency area.
On the line was not only Greece's future but also those punishing cutbacks demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were put to a public vote, a move that threw Europe into further existential crisis.
Although the referendum was won decisively by those against austerity, Tsipras had little option to reject its outcome and negotiate a bailout package with creditors which turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing vouchers to retirees, the leader said he realised that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive management.”
He further wrote how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were pushing for Grexit.
This account of events has provoked anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
