Within his recently unveiled memoir, titled Ithaki, the former premier Tsipras pulls no punches while he examines the turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, Tsipras selected that unorthodox academic Varoufakis to be the treasury head primarily because of his international reputation along with Varoufakis's very persuasive abilities as a public orator.
“He was, truthfully, more like a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras claims how Varoufakis had his own motives that included promoting his books as well as experimenting with his economic models on the nation instead of genuinely fighting for the country's economic stability.
Tsipras explained that the talks to avoid bankruptcy became “not just a way to secure improved terms for the country. They became a test, an historic opportunity to prove the validity of his theories.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously on the brink of exiting the single currency area.
At stake was not only the country's future but also the severe austerity policies demanded in return for bailout funds by international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that plunged the EU into a further existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option to ignore the result then negotiate a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing coupons to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive management.”
Tsipras also claimed how his confrontational style made him increasingly isolated among peers, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and shock in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
