Within his recently unveiled memoir, titled Ithaki, the former prime minister Tsipras spares no criticism while he examines the turbulent period of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras appointed that unorthodox academic Varoufakis to be the finance minister largely due to the latter's international reputation and his very persuasive abilities when it came to speaker.
“In reality, he was, in reality, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief had his own agenda that included advancing Varoufakis's publications as well as experimenting with his game theories on the nation instead of truly fighting for the country's economic stability.
Tsipras noted how those discussions to avoid insolvency were “not just a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself perilously close to leaving the single currency area.
On the line lay not only Greece's destiny but also the punishing austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into a deeper crisis of identity.
Even though the vote was won decisively by those against austerity, Tsipras was forced but to ignore the result and agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked him: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for a deal that required complex and delicate management.”
He further wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
The account of events has provoked fury along with stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
