In a freshly published autobiography, titled Ithaki, the ex- premier Tsipras does not hold back while he revisits that turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's recollections, Tsipras appointed that maverick economist Varoufakis to be the treasury head primarily because of his worldwide fame along with his “extremely attractive” skills as a speaker.
“He was, actually, more of a celebrity rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief possessed a personal agenda which included advancing Varoufakis's books as well as experimenting with his economic models using the nation rather than genuinely advocating its financial survival.
He wrote that the talks to stave off insolvency became “not just a method to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of his ideas.”
Critical Negotiations
During tense negotiations, Greece came dangerously on the brink of leaving the single currency area.
At stake was both the country's future and the harsh austerity policies required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure funds from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the referendum was carried resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted media attention, who graced the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
