Within his recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on the chaotic period during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras appointed the maverick academic Varoufakis to be his treasury head largely because of the latter's worldwide fame and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more like a star rather than an economist,” stated Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis possessed a personal agenda which involved advancing Varoufakis's publications as well as experimenting with his theories using Greece rather than genuinely advocating the country's economic stability.
He wrote how those discussions to avoid insolvency became “not just a method to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
Amid tense negotiations, the country came perilously close to exiting the single currency area.
On the line lay not only Greece's destiny but also those harsh austerity measures required in exchange for bailout funds from international creditors.
Failed Options
Efforts to find funds from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were put to a public vote, a move that threw Europe into further existential crisis.
Even though the vote was won resoundingly by those against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal that required complex and delicate management.”
Tsipras further claimed that his aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief in some quarters, while the former minister has kept a deafening silence on the matter.
