Within his recently unveiled memoir, titled Ithaki, the ex- leader Tsipras does not hold back while he revisits the turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, he selected the maverick economist Varoufakis as the finance minister mainly due to the latter's international reputation along with Varoufakis's very persuasive skills as a public orator.
“In reality, he was, truthfully, more like a personality and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that his finance chief possessed his own motives which involved advancing his books as well as testing out his own game theories on the nation rather than genuinely advocating its economic stability.
Tsipras noted that those discussions to avoid bankruptcy became “not only a way to secure a better deal for the country. They became an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
During tense negotiations, Greece came dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's future and the punishing austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were subjected to a popular referendum, a move which threw the EU into a deeper existential crisis.
Although the vote was carried resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate management.”
He also claimed that his aggressive approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
This account of history has been met with anger along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
