In a recently unveiled autobiography, titled Ithaki, the ex- leader Tsipras does not hold back as he examines that turbulent era of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, Tsipras selected that unorthodox academic Varoufakis as his finance minister primarily due to his international reputation along with Varoufakis's highly compelling skills as a public orator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had a personal agenda which involved promoting his publications and testing out his game theories using the nation rather than genuinely advocating the country's economic stability.
He wrote how the negotiations to prevent insolvency were “not only a way to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously on the brink of leaving the single currency area.
On the line lay not only Greece's future but also the harsh austerity measures demanded in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting 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 U-Turn
That summer, those punitive conditions were subjected to a public vote, a move that plunged the EU into a deeper crisis of identity.
Even though the vote was won decisively by voters who opposed the cuts, Tsipras had little option to reject its outcome then agree to a bailout package with foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further wrote how his confrontational style left him more and more alone among peers, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The account of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
