In a recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that turbulent era of Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, Tsipras chose the unorthodox academic Varoufakis to be the finance minister mainly because of the latter's global profile and his “extremely attractive” skills as a speaker.
“He was, actually, more of a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief had a personal motives that involved promoting Varoufakis's publications as well as experimenting with his game theories on the nation rather than genuinely fighting for its economic stability.
He wrote that the negotiations to prevent insolvency were “not just a way to secure improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously on the brink of leaving the single currency area.
At stake was both the country's future but also the harsh cutbacks demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were subjected to a public vote, a move that plunged the EU into a deeper existential crisis.
Although the vote was carried decisively by those against the cuts, Tsipras had little option but to ignore the result and agree to a bailout package from creditors which proved to be even harsher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author concludes that his former ally had proved himself “unsuitable for an agreement that required complex and delicate handling.”
He further claimed how his aggressive style left him more and more alone among peers, endangered the country, while assisted hardliners who were pushing for Grexit.
The retelling of events has provoked fury and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
