In a newly released memoir, titled Ithaki, the former prime minister Tsipras does not hold back while he revisits that chaotic period of Greece's debt drama.
A Controversial Choice
In Tsipras's recollections, Tsipras chose that unorthodox economist Varoufakis as his treasury head largely because of the latter's international reputation and Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more of a personality and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief had his own agenda which involved advancing Varoufakis's books as well as testing out his theories on the nation rather than genuinely fighting for its economic stability.
Tsipras noted how those discussions to stave off insolvency were “not only a way to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
During tense negotiations, Greece came perilously close to exiting the eurozone.
On the line was not only the country's future and those punishing austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those excoriating conditions were put to a popular referendum, a move which threw Europe into a further crisis of identity.
Although the referendum was won decisively by those against austerity, Tsipras had little option but to reject its outcome then agree to a bailout package with foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He also wrote how his aggressive style left him increasingly isolated with colleagues, endangered the country, and helped hawks that were pushing for Grexit.
This account of history has provoked fury and stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
