In a newly released memoir, titled Ithaki, the former prime minister Tsipras does not hold back as he revisits the chaotic era of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, he selected that maverick economist Varoufakis to be his finance minister primarily due to his global profile and his very persuasive skills as a communicator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed a personal motives which included promoting his publications and experimenting with his game theories on the nation instead of genuinely advocating the country's economic stability.
Tsipras noted that the negotiations to prevent insolvency became “not just a way of achieving a better deal for Greece. They became an experiment, an historic chance to prove the validity of his economic theories.”
Critical Negotiations
Amid volatile negotiations, the country found itself dangerously close to leaving the single currency area.
At stake lay not only the country's future and the punishing austerity policies demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive conditions were put to a popular referendum, an action that threw Europe into a further existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy involving establishing a parallel currency and issuing coupons to retirees, the leader said he realised it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis had proved himself “unfit for an agreement demanding complex and sensitive handling.”
He further claimed that Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
The account of history has provoked anger along with shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.
