Within his freshly published personal account, titled Ithaki, the ex- prime minister Tsipras does not hold back as he examines the chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's recollections, Tsipras appointed the unorthodox economist Varoufakis as the finance minister mainly due to the latter's global profile along with Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, truthfully, more like a celebrity rather than an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests that Varoufakis had a personal motives that included promoting Varoufakis's publications as well as testing out his economic models on Greece rather than genuinely fighting for its financial survival.
Tsipras noted how those talks to stave off bankruptcy became “not only a way of achieving a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both the country's destiny but also those harsh cutbacks required in return for financial aid from foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the punitive conditions were put to a public vote, an action that threw the EU into deeper crisis of identity.
Even though the vote was carried decisively by those who opposed austerity, Tsipras had little option but to ignore the result and agree to a bailout package with foreign lenders which proved to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the man who drew media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency and distributing coupons to retirees, Tsipras knew it was the end and asked him: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also wrote how Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
The retelling of history has provoked anger and shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
