Within his newly released personal account, named Ithaki, the ex- prime minister Tsipras does not hold back as he examines that chaotic period of Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, he appointed that maverick academic Varoufakis to be his treasury head mainly because of his worldwide fame along with Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own motives which involved promoting Varoufakis's publications and experimenting with his own game theories using Greece rather than truly fighting for the country's financial survival.
He explained that the discussions to stave off bankruptcy became “not only a method of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country came perilously close to leaving the eurozone.
On the line lay both Greece's destiny and the severe cutbacks demanded in return for rescue loans by international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were subjected to a public vote, a move which threw the EU into a deeper crisis of identity.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras was forced but to reject its outcome then negotiate a bailout package with creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, Tsipras knew it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, the author asserts that his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”
He further claimed how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating Grexit.
This retelling of history has provoked fury and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
