Within his freshly published memoir, titled Ithaki, the ex- premier Tsipras pulls no punches while he examines that chaotic era of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's recollections, he chose that maverick academic Varoufakis to be the finance minister primarily due to his worldwide fame along with his “extremely attractive” abilities as a speaker.
“He was, truthfully, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own motives that involved promoting Varoufakis's publications and experimenting with his own theories using the nation instead of truly advocating its financial survival.
He explained that those talks to stave off insolvency were “not just a method of achieving improved terms for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
On the line was both the country's destiny and the severe austerity measures required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, an action which plunged the EU into further existential crisis.
Even though the vote was carried resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome and agree to a bailout package from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency and issuing coupons to pensioners, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He further claimed that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury along with shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
