Within his recently unveiled memoir, titled Ithaki, the former premier Tsipras pulls no punches while he revisits that chaotic period during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, Tsipras selected that maverick economist Varoufakis as the treasury head primarily because of the latter's global profile along with his “extremely attractive” abilities when it came to communicator.
“He was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief had a personal motives that involved promoting his publications as well as testing out his game theories using Greece instead of truly advocating the country's economic stability.
He noted that those negotiations to avoid bankruptcy were “not only a method to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Negotiations
During volatile negotiations, the country came dangerously close to leaving the single currency area.
At stake lay not only Greece's future but also the punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those punitive conditions were put to a public vote, a move that threw the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to ignore the result and agree to a bailout package with creditors that turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes how his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras also wrote how his confrontational approach left him more and more alone among peers, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
This account of history has been met with anger along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
