In a recently unveiled personal account, called Ithaki, the ex- premier Tsipras does not hold back while he examines the turbulent period during Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, he appointed that maverick economist Varoufakis to be his finance minister primarily due to the latter's global profile and Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis had his own motives that involved promoting Varoufakis's publications and experimenting with his own game theories using the nation rather than genuinely advocating the country's economic stability.
Tsipras wrote how those discussions to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously on the brink of exiting the eurozone.
At stake lay both the country's future but also the severe austerity policies demanded in exchange for bailout funds from foreign lenders.
Failed Options
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were put to a popular referendum, an action which threw Europe into a further existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as issuing coupons to pensioners, the leader said he realised that it was the end and asked him: “Are you serious?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive management.”
He further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and assisted hawks that were pushing for Grexit.
The retelling of history has provoked anger along with shock in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
