In a recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on the turbulent period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, Tsipras selected that maverick academic Varoufakis as the finance minister largely because of his global profile along with his “extremely attractive” skills as a public orator.
“He was, in reality, more like a star and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief had a personal agenda that included promoting Varoufakis's books as well as testing out his own economic models using Greece rather than truly advocating its economic stability.
He explained that those discussions to stave off bankruptcy became “not only a way to secure improved terms for Greece. They were a test, a monumental opportunity to prove the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense discussions, Greece came perilously close to exiting the eurozone.
On the line was both Greece's destiny but also the punishing austerity measures demanded in exchange for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were subjected to a public vote, a move which plunged Europe into further crisis of identity.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result then agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement demanding complex and delicate handling.”
He also wrote that his confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
