In a freshly published personal account, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines that turbulent period of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, he chose the maverick economist Varoufakis to be the finance minister mainly because of the latter's worldwide fame and Varoufakis's very persuasive skills as a speaker.
“He was, truthfully, more like a personality rather than an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests how his finance chief had his own motives which involved promoting his books as well as testing out his own game theories using Greece instead of genuinely fighting for its economic stability.
He noted how the negotiations to prevent insolvency became “not just a method of achieving improved terms for Greece. They became an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense discussions, the country came dangerously close to leaving the eurozone.
On the line lay both the country's future and the harsh cutbacks demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those harsh conditions were subjected to a popular referendum, a move that threw the EU into deeper existential crisis.
Even though the referendum was carried resoundingly by those against the cuts, the prime minister had little option but to ignore the result and agree to a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
He also wrote how his confrontational style left him increasingly isolated among peers, endangered the country, while assisted hawks that were pushing for Grexit.
The account of events has been met with fury along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
