In a recently unveiled personal account, titled Ithaki, the ex- leader Tsipras pulls no punches while he examines that turbulent era during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's version, Tsipras chose the unorthodox academic Varoufakis as his finance minister primarily due to the latter's international reputation along with Varoufakis's highly compelling abilities when it came to communicator.
“He was, truthfully, more like a personality rather than an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had a personal motives which involved advancing his publications and testing out his game theories on Greece instead of truly advocating its financial survival.
He noted that those negotiations to avoid insolvency were “not just a method of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece came perilously close to exiting the eurozone.
At stake lay both the country's destiny and the punishing cutbacks demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a popular referendum, an action which plunged Europe into a further crisis of identity.
Although the vote was won decisively by voters who opposed austerity, Tsipras had little option but to reject its outcome then agree to a bailout package from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the book, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive management.”
He also claimed that his confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
This account of events has been met with anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
