In a recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that chaotic era of Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, Tsipras chose that maverick economist Varoufakis to be the treasury head largely because of the latter's global profile along with Varoufakis's “extremely attractive” skills as a public orator.
“He was, truthfully, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges that Varoufakis had a personal agenda that included promoting his publications as well as experimenting with his game theories using the nation instead of genuinely advocating the country's economic stability.
He explained how the talks to avoid bankruptcy became “not just a way to secure improved terms for Greece. They were a test, a monumental chance to prove the truth of his theories.”
High-Stakes Talks
During tense negotiations, the country found itself dangerously close to exiting the eurozone.
At stake lay not only Greece's future but also those punishing austerity policies required in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, an action which plunged Europe into a further existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister was forced to reject its outcome and agree to a bailout package with foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has provoked fury along with stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
