In a recently unveiled autobiography, titled Ithaki, the ex- premier Tsipras does not hold back while he revisits that chaotic period during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's account, he chose that unorthodox academic Varoufakis as his finance minister mainly because of his global profile and Varoufakis's very persuasive skills when it came to communicator.
“He was, in reality, more like a personality rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal agenda which involved promoting his books as well as experimenting with his own economic models on the nation instead of truly advocating the country's financial survival.
Tsipras explained how the negotiations to prevent insolvency became “not just a method of achieving improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of his ideas.”
Critical Negotiations
During tense negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line lay both Greece's future but also those punishing austerity measures required in return for financial aid by foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were subjected to a public vote, an action that plunged the EU into a further crisis of identity.
Although the vote was carried resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result then agree to a rescue deal from foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy that included creating a secondary currency as well as distributing coupons to pensioners, the leader said he realised it was game over questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”
He further wrote that his aggressive style left him increasingly isolated with colleagues, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
The account of events has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
