In a freshly published personal account, titled Ithaki, the ex- premier Tsipras pulls no punches as he revisits the turbulent era of Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, he chose that unorthodox economist Varoufakis to be his treasury head primarily due to the latter's worldwide fame along with his highly compelling abilities as a public orator.
“In reality, he was, in reality, more like a star and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis had his own motives which included promoting Varoufakis's books as well as experimenting with his own game theories on Greece rather than genuinely fighting for its economic stability.
He wrote that the discussions to stave off insolvency were “not just a method of achieving improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay not only the country's future but also those harsh austerity measures required in exchange for rescue loans by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into further crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, Tsipras was forced to ignore the result and negotiate a bailout package with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency and distributing vouchers to retirees, the leader knew it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, the author asserts how Varoufakis had proved himself to be “unfit for an agreement demanding intricate and sensitive handling.”
He also wrote that Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
