Within his freshly published memoir, titled Ithaki, the ex- premier Tsipras does not hold back as he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras appointed the maverick economist Varoufakis as the finance minister primarily due to his global profile and his very persuasive skills when it came to public orator.
“He was, actually, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims that his finance chief possessed a personal motives that involved advancing Varoufakis's books and testing out his own economic models using the nation instead of genuinely fighting for the country's economic stability.
He explained how the discussions to prevent insolvency were “not only a way to secure improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
During volatile discussions, the country found itself perilously on the brink of leaving the eurozone.
On the line lay not only Greece's destiny and the harsh austerity measures required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action that threw Europe into a further existential crisis.
Even though the vote was won decisively by voters against the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package from creditors which proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the memoir, the author asserts that his former ally demonstrated himself “unfit for a deal demanding complex and sensitive management.”
He also wrote that Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
