In a recently unveiled memoir, named Ithaki, the former prime minister Tsipras does not hold back as he examines the chaotic era of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's version, Tsipras appointed the unorthodox economist Varoufakis as the treasury head primarily because of the latter's worldwide fame along with his highly compelling skills when it came to public orator.
“He was, truthfully, more like a personality rather than an economist,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed a personal agenda that included advancing his books and testing out his own economic models using Greece rather than truly fighting for the country's economic stability.
Tsipras noted how the talks to avoid bankruptcy became “not just a way of achieving a better deal for Greece. They were a test, a monumental chance to prove the validity of his theories.”
Critical Talks
During rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line was not only Greece's destiny and those punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to find financing from other sources, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, an action that plunged Europe into further crisis of identity.
Although the referendum was won decisively by voters against austerity, Tsipras had little option but to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of publications globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and shock in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
