In a freshly published memoir, titled Ithaki, the ex- premier Tsipras pulls no punches while he revisits that chaotic period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, Tsipras appointed the maverick economist Varoufakis as the treasury head primarily because of the latter's international reputation along with his “extremely attractive” skills when it came to speaker.
“He was, truthfully, more like a star rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims how his finance chief had a personal agenda which involved promoting his books and testing out his theories on the nation rather than truly fighting for its economic stability.
Tsipras explained how the discussions to stave off insolvency became “not only a method of achieving a better deal for the country. They were a test, an historic chance to prove the validity of his theories.”
Critical Talks
Amid rollercoaster negotiations, the country found itself dangerously close to exiting the single currency area.
On the line was not only Greece's destiny but also the severe austerity measures demanded in return for bailout funds from international creditors.
Failed Alternatives
Attempts to find financing from other sources, including a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the harsh conditions were subjected to a public vote, an action that plunged Europe into a further existential crisis.
Although the vote was carried decisively by voters against austerity, Tsipras had little option to ignore the result and agree to a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
