In a newly released memoir, called Ithaki, the ex- prime minister Tsipras does not hold back as he examines the turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, Tsipras appointed that maverick academic Varoufakis as the treasury head largely due to the latter's global profile along with his very persuasive skills as a speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal motives that included advancing his publications as well as testing out his theories using Greece rather than truly advocating the country's economic stability.
Tsipras noted how those discussions to avoid bankruptcy were “not just a way of achieving improved terms for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
During volatile discussions, the country came perilously close to exiting the single currency area.
On the line was not only the country's destiny and those severe austerity policies required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, those punitive conditions were subjected to a public vote, a move that plunged Europe into further crisis of identity.
Although the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result then agree to a bailout package with creditors which turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who drew publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras knew that it was the end and asked him: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally demonstrated himself “unfit for a deal that required intricate and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence on the matter.
