In a newly released memoir, named Ithaki, the former prime minister Tsipras pulls no punches while he examines the chaotic period of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, Tsipras selected that unorthodox academic Varoufakis to be the treasury head mainly because of his worldwide fame and Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more like a celebrity rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims that his finance chief possessed his own agenda that included promoting Varoufakis's books and testing out his economic models on the nation rather than genuinely fighting for the country's economic stability.
He wrote that the discussions to prevent insolvency became “not only a method of achieving a better deal for the country. They became an experiment, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
During volatile discussions, Greece found itself dangerously on the brink of exiting the single currency area.
At stake was both Greece's destiny and those harsh austerity policies demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those punitive conditions were subjected to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Even though the vote was won resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unfit for an agreement demanding intricate and sensitive handling.”
He also wrote how his aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners who were advocating Grexit.
The account of events has been met with fury and shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
