Within his recently unveiled personal account, named Ithaki, the former premier Tsipras does not hold back while he reflects on that turbulent period of Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected the unorthodox economist Varoufakis as his finance minister mainly due to his worldwide fame and Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more like a personality rather than an economist,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis had a personal agenda that involved advancing his publications and experimenting with his own economic models using the nation instead of genuinely fighting for the country's financial survival.
He explained how those talks to stave off insolvency became “not only a way to secure a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster discussions, the country came perilously close to exiting the single currency area.
On the line lay both Greece's future but also the harsh cutbacks required in return for bailout funds by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating conditions were put to a public vote, a move which threw Europe into deeper existential crisis.
Although the vote was carried decisively by those against the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package with creditors which turned out to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
After the minister outlined a backup strategy involving creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote that his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
This account of history has provoked anger along with shock in some quarters, while the former minister has maintained a deafening silence on the matter.
