In a recently unveiled personal account, called Ithaki, the former premier Tsipras does not hold back as he reflects on the chaotic era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, Tsipras chose the maverick academic Varoufakis to be the treasury head primarily due to his worldwide fame along with his very persuasive abilities when it came to public orator.
“He was, in reality, more of a personality and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how Varoufakis possessed a personal motives that included promoting Varoufakis's books as well as experimenting with his own game theories on Greece rather than genuinely fighting for the country's financial survival.
He explained that the discussions to avoid bankruptcy were “not only a way of achieving a better deal for the country. They were a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece found itself perilously on the brink of exiting the eurozone.
On the line was both the country's future but also those punishing austerity policies demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were put to a popular referendum, a move which plunged the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result and agree to a rescue deal with creditors that turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He also claimed how Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, while helped hardliners who were advocating a Greek exit from the euro.
The account of events has provoked anger and shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
