Within his recently unveiled memoir, titled Ithaki, the former premier Tsipras does not hold back as he reflects on the chaotic period of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, he appointed the maverick economist Varoufakis to be his treasury head primarily because of the latter's worldwide fame along with his “extremely attractive” abilities as a speaker.
“He was, truthfully, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis had his own motives that involved promoting Varoufakis's publications and experimenting with his theories on the nation rather than truly advocating its economic stability.
Tsipras noted how those talks to avoid bankruptcy were “not only a way of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of his theories.”
Critical Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake was not only Greece's future but also those punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, a move that threw the EU into a deeper crisis of identity.
Although the referendum was won resoundingly by those who opposed the cuts, the prime minister had little option but to reject its outcome and agree to a bailout package from foreign lenders which turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts that his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive management.”
He further wrote that Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, while assisted hawks who were pushing for Grexit.
This retelling of history has provoked anger along with shock among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
