Within his recently unveiled personal account, called Ithaki, the former prime minister Tsipras spares no criticism while he reflects on the chaotic period of Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, he appointed the unorthodox academic Varoufakis as his finance minister primarily because of the latter's global profile along with Varoufakis's very persuasive abilities when it came to communicator.
“He was, in reality, more like a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own motives that involved promoting his publications as well as experimenting with his own game theories on the nation instead of truly fighting for the country's financial survival.
He wrote how those discussions to stave off bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to prove the validity of his theories.”
High-Stakes Negotiations
During tense negotiations, Greece found itself perilously close to leaving the single currency area.
On the line was not only Greece's destiny but also the severe austerity measures required in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to find funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the excoriating conditions were subjected to a popular referendum, an action that plunged the EU into deeper existential crisis.
Even though the vote was carried decisively by those who opposed the cuts, the prime minister had little option to ignore the result then negotiate a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan involving establishing a secondary currency as well as distributing coupons to pensioners, the leader knew it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author concludes that his former ally had proved himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This account of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
