In a freshly published memoir, titled Ithaki, the ex- prime minister Tsipras does not hold back while he revisits the chaotic period of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras appointed the maverick academic Varoufakis to be his finance minister mainly due to his global profile and his highly compelling abilities when it came to communicator.
“In reality, he was, in reality, more like a star rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis had a personal motives that involved promoting his publications and experimenting with his game theories using Greece rather than genuinely fighting for the country's economic stability.
He wrote how the negotiations to stave off bankruptcy were “not just a method to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During tense discussions, the country came dangerously on the brink of leaving the single currency area.
At stake lay both Greece's future and the harsh austerity policies demanded in return for rescue loans from international creditors.
Failed Options
Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, the harsh conditions were subjected to a popular referendum, an action that threw the EU into a deeper crisis of identity.
Although the referendum was won resoundingly by those against the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis had proved himself “unfit for an agreement that required complex and sensitive handling.”
He further claimed that Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
This account of history has been met with anger and shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
