Within his recently unveiled personal account, called Ithaki, the former premier Tsipras spares no criticism while he revisits that turbulent period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras appointed the unorthodox economist Varoufakis to be the finance minister mainly due to the latter's worldwide fame along with his “extremely attractive” abilities when it came to public orator.
“He was, actually, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis had a personal agenda that involved promoting Varoufakis's publications as well as testing out his theories using Greece instead of genuinely advocating the country's economic stability.
Tsipras noted how those negotiations to prevent insolvency became “not just a way to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense negotiations, Greece found itself perilously on the brink of leaving the eurozone.
At stake lay both Greece's destiny and those punishing austerity measures required in exchange for bailout funds by international creditors.
Failed Options
Efforts to find funds from other sources, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
That summer, the excoriating bailout terms were put to a public vote, a move that threw Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras had little option but to ignore the result then agree to a bailout package from foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing coupons to pensioners, the leader knew it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes how his former ally had proved himself “unfit for a deal demanding intricate and delicate handling.”
Tsipras further wrote that his confrontational style made him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
