In a newly released memoir, named Ithaki, the former premier Tsipras does not hold back while he examines the turbulent period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, Tsipras appointed the unorthodox academic Varoufakis as his finance minister largely because of the latter's global profile and his highly compelling abilities as a speaker.
“He was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief possessed his own motives which involved advancing his books and testing out his game theories on the nation instead of truly fighting for its economic stability.
He explained how those negotiations to stave off bankruptcy were “not only a way to secure improved terms for the country. They became a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
During tense discussions, Greece came perilously on the brink of leaving the single currency area.
At stake lay both the country's destiny and the harsh austerity measures required in return for financial aid by foreign lenders.
Failed Options
Attempts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, an action that plunged the EU into a further crisis of identity.
Even though the vote was won resoundingly by those against austerity, Tsipras had little option but to ignore the result then agree to a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan involving establishing a parallel currency and distributing coupons to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally had proved himself to be “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
The retelling of events has been met with anger along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
