In a recently unveiled memoir, titled Ithaki, the former premier Tsipras pulls no punches as he reflects on that turbulent period during Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's recollections, he selected the maverick academic Varoufakis to be the finance minister mainly due to the latter's worldwide fame and Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, in reality, more like a star rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis had a personal agenda that included promoting Varoufakis's books and experimenting with his own theories using the nation rather than truly fighting for the country's economic stability.
He wrote that those discussions to avoid insolvency were “not only a method of achieving improved terms for the country. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During volatile discussions, Greece found itself dangerously on the brink of leaving the eurozone.
On the line was both the country's future but also those harsh cutbacks demanded in return for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were put to a public vote, an action that threw Europe into further existential crisis.
Even though the vote was carried resoundingly by voters who opposed austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for a deal demanding complex and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with fury along with shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
