Within his recently unveiled autobiography, titled Ithaki, the ex- premier Tsipras pulls no punches as he examines the chaotic period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's version, he appointed that unorthodox economist Varoufakis as the treasury head largely due to the latter's global profile along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, actually, more like a celebrity rather than an economist,” stated Tsipras.
Clashing Priorities
The former leader claims that his finance chief had his own motives which included advancing his books as well as experimenting with his own economic models using Greece rather than genuinely advocating its economic stability.
Tsipras explained how the discussions to prevent insolvency became “not only a way to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the truth of his theories.”
Critical Talks
During volatile negotiations, the country found itself perilously on the brink of leaving the single currency area.
At stake was both Greece's destiny but also the harsh austerity measures demanded in return for rescue loans by foreign lenders.
Failed Options
Efforts to secure financing from other sources, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive conditions were subjected to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by those against the cuts, the prime minister was forced to ignore the result then negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy involving creating a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes how his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive handling.”
He further wrote that his confrontational style made him increasingly isolated among peers, endangered the country, while helped hawks who were pushing for Grexit.
This account of history has provoked fury along with stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
