In a recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, he chose the maverick academic Varoufakis to be the finance minister largely due to his worldwide fame and his highly compelling abilities when it came to speaker.
“He was, truthfully, more of a star rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras alleges how Varoufakis had a personal agenda that included promoting his publications as well as experimenting with his economic models on Greece instead of genuinely advocating the country's economic stability.
He wrote how the talks to prevent bankruptcy became “not only a method of achieving improved terms for Greece. They were an experiment, a monumental chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During tense negotiations, the country came perilously on the brink of exiting the eurozone.
At stake lay not only the country's destiny and the severe austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive conditions were subjected to a public vote, an action which plunged the EU into deeper crisis of identity.
Even though the vote was carried decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome and agree to a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes that his former ally demonstrated himself “unfit for an agreement that required intricate and sensitive handling.”
Tsipras further claimed how his confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
This account of events has been met with fury and shock in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
