Within his recently unveiled memoir, titled Ithaki, the former prime minister Tsipras pulls no punches while he examines the chaotic era of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he selected the unorthodox academic Varoufakis as the treasury head largely due to the latter's global profile and his very persuasive abilities when it came to communicator.
“He was, actually, more of a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief possessed a personal motives which included advancing Varoufakis's books and testing out his economic models using Greece rather than truly fighting for its financial survival.
Tsipras noted how those discussions to stave off insolvency were “not only a method to secure improved terms for the country. They became an experiment, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Talks
During volatile negotiations, Greece found itself perilously close to exiting the single currency area.
At stake was not only the country's future and the punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into a deeper existential crisis.
Although the referendum was won decisively by those against austerity, Tsipras had little option to reject its outcome then negotiate a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”
Lasting Criticism
In the book, the author concludes how his former ally demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
He further claimed how his aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
The account of events has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a deafening silence on the matter.
