Within his freshly published memoir, titled Ithaki, the former leader Tsipras does not hold back as he revisits that turbulent era during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's recollections, he appointed that unorthodox economist Varoufakis as the finance minister primarily due to the latter's global profile and Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how Varoufakis had his own agenda that included promoting Varoufakis's publications as well as experimenting with his theories using Greece instead of genuinely advocating the country's economic stability.
Tsipras noted that the talks to avoid insolvency became “not just a way to secure improved terms for the country. They became an experiment, an historic chance to demonstrate the truth of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, the country came perilously on the brink of exiting the eurozone.
At stake lay both Greece's destiny but also the harsh cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those harsh conditions were subjected to a popular referendum, a move which threw Europe into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was the end and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
He also wrote that his aggressive approach made him more and more alone among peers, endangered the country, and helped hawks who were advocating Grexit.
The account of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
