In a freshly published personal account, named Ithaki, the former prime minister Tsipras pulls no punches while he revisits the chaotic period of Greece's debt drama.
A Controversial Choice
As per the ex-PM's recollections, he chose that maverick academic Varoufakis as his treasury head largely due to his global profile and Varoufakis's highly compelling skills as a speaker.
“He was, in reality, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief had a personal motives which involved promoting Varoufakis's books as well as experimenting with his game theories on Greece rather than truly fighting for its financial survival.
Tsipras wrote how those discussions to prevent bankruptcy were “not just a way of achieving a better deal for the country. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.
On the line was not only Greece's destiny and those punishing austerity measures demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were subjected to a public vote, a move that threw the EU into a further existential crisis.
Although the vote was won decisively by voters who opposed austerity, Tsipras had little option but to reject its outcome and agree to a bailout package from foreign lenders which turned out 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 man who drew publicity, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the book, the author asserts how his former ally demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
He also claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
