Within his freshly published personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Choice
According to Tsipras's account, he selected that maverick academic Varoufakis as the finance minister largely because of his global profile and his very persuasive abilities as a public orator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief had a personal motives which included advancing Varoufakis's books and experimenting with his game theories using the nation rather than genuinely advocating the country's financial survival.
Tsipras wrote how those discussions to avoid bankruptcy were “not just a method of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece came dangerously close to exiting the eurozone.
At stake was both the country's future and those severe austerity policies demanded in exchange for bailout funds from international creditors.
Failed Options
Attempts to secure financing from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those harsh bailout terms were subjected to a popular referendum, an action which threw the EU into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed the cuts, Tsipras was forced but to ignore the result and agree to a bailout package from creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to retirees, Tsipras knew it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further claimed that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
The retelling of events has been met with anger and shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
