Within his newly released memoir, called Ithaki, the ex- prime minister Tsipras spares no criticism as he examines the turbulent era during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, he appointed the maverick academic Varoufakis to be the treasury head largely because of the latter's global profile along with his “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims how Varoufakis possessed a personal agenda which included advancing Varoufakis's publications as well as testing out his theories on Greece instead of truly fighting for its financial survival.
Tsipras noted that those discussions to stave off insolvency became “not just a way to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country came perilously close to exiting the single currency area.
On the line was both Greece's future and those punishing austerity policies demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to find funds from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, an action which plunged the EU into a further existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package from foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included establishing a parallel currency and distributing coupons to pensioners, Tsipras knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself to be “unfit for a deal that required complex and sensitive management.”
Tsipras also claimed how his aggressive approach left him more and more alone among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and shock among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
