Within his recently unveiled personal account, named Ithaki, the former premier Tsipras pulls no punches as he revisits the chaotic era of Greece's financial crisis.
A Controversial Choice
As per the ex-PM's recollections, he chose the unorthodox academic Varoufakis to be the treasury head mainly because of the latter's international reputation along with Varoufakis's very persuasive abilities as a communicator.
“He was, in reality, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed a personal agenda which included advancing Varoufakis's publications as well as testing out his own economic models on Greece instead of truly advocating its economic stability.
Tsipras noted that the talks to stave off insolvency became “not just a way to secure improved terms for the country. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came perilously close to leaving the eurozone.
On the line lay not only the country's destiny and the harsh austerity policies required in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, a move which plunged the EU into a further crisis of identity.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a bailout package from creditors that proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving establishing a secondary currency and distributing vouchers to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the book, the author asserts how Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate handling.”
Tsipras further wrote that his aggressive style left him more and more alone with colleagues, endangered the country, and assisted hardliners who were pushing for Grexit.
This account of history has been met with anger along with shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
