In a recently unveiled personal account, called Ithaki, the former premier Tsipras does not hold back as he examines the turbulent era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, Tsipras appointed that maverick academic Varoufakis as his finance minister primarily because of the latter's worldwide fame and his highly compelling abilities when it came to public orator.
“In reality, he was, actually, more like a personality rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis possessed a personal motives that involved advancing Varoufakis's books and experimenting with his own economic models on Greece instead of genuinely fighting for its financial survival.
Tsipras noted how the discussions to avoid insolvency were “not just a way to secure improved terms for the country. They were an experiment, an historic opportunity to prove the truth of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously on the brink of leaving the single currency area.
At stake lay both the country's future and the harsh austerity policies demanded in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were put to a public vote, an action which threw Europe into deeper crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal from creditors which proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that his former ally demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras also claimed that his aggressive style made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The account of events has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a deafening silence regarding these claims.
