Within his freshly published memoir, titled Ithaki, the former premier Tsipras pulls no punches while he revisits that turbulent era during Greece's debt drama.
An Unconventional Choice
In Tsipras's version, he chose the maverick economist Varoufakis as the treasury head mainly because of his international reputation and Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, in reality, more like a personality rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis possessed his own motives which included promoting Varoufakis's books as well as experimenting with his own game theories using Greece rather than genuinely advocating its financial survival.
Tsipras noted how the negotiations to stave off insolvency were “not only a method of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
Amid volatile discussions, the country found itself perilously close to exiting the eurozone.
At stake was not only Greece's future and the severe austerity policies demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, a move that plunged the EU into a further crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result and negotiate a bailout package with creditors which proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a secondary currency as well as distributing coupons to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself “unsuitable for a deal demanding complex and sensitive management.”
Tsipras also wrote how his confrontational approach left him more and more alone among peers, put Greece at risk, while helped hawks who were advocating Grexit.
This retelling of history has provoked fury along with stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.
