Within his recently unveiled memoir, named Ithaki, the ex- premier Tsipras pulls no punches while he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras selected that unorthodox academic Varoufakis to be the finance minister largely due to his worldwide fame along with his highly compelling skills when it came to public orator.
“In reality, he was, in reality, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief possessed a personal motives that included advancing his books and experimenting with his game theories using the nation instead of genuinely advocating its economic stability.
He noted how those talks to stave off bankruptcy became “not only a method to secure a better deal for Greece. They were a test, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself perilously close to exiting the single currency area.
On the line was not only Greece's future but also the harsh austerity policies required in return for financial aid from international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move that plunged Europe into further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package from creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the front pages of publications the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further claimed that his confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating Grexit.
The account of events has provoked anger along with shock in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
