Within his freshly published autobiography, named Ithaki, the ex- premier Tsipras pulls no punches as he reflects on the chaotic period during Greece's financial crisis.
An Unconventional Choice
In Tsipras's account, Tsipras selected the unorthodox economist Varoufakis to be his treasury head largely due to the latter's worldwide fame and his very persuasive abilities when it came to speaker.
“In reality, he was, actually, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief possessed a personal motives which involved promoting Varoufakis's books as well as testing out his own theories on the nation instead of genuinely fighting for the country's economic stability.
Tsipras wrote that those negotiations to prevent insolvency became “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line was both Greece's destiny but also those harsh cutbacks required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, 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 threw Europe into a further existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result then agree to a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes how Varoufakis demonstrated himself “unfit for an agreement that required complex and delicate management.”
He also wrote that his aggressive approach made him increasingly isolated among peers, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
The account of events has provoked fury along with shock in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
