In a recently unveiled personal account, titled Ithaki, the former premier Tsipras spares no criticism as he reflects on the chaotic period during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's recollections, Tsipras selected that unorthodox economist Varoufakis to be the treasury head mainly due to the latter's global profile along with his “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief possessed a personal motives that included promoting Varoufakis's publications as well as experimenting with his own game theories using the nation rather than truly fighting for its financial survival.
Tsipras noted how those discussions to avoid insolvency were “not only a method of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously on the brink of leaving the single currency area.
On the line was not only the country's future and the punishing austerity policies required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the punitive bailout terms were subjected to a public vote, a move that threw Europe into a deeper existential crisis.
Even though the vote was won resoundingly by voters against the cuts, the prime minister was forced to ignore the result then agree to a bailout package 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 drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the book, the author asserts how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive management.”
He also wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
The account of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
