In a newly released personal account, called Ithaki, the former prime minister Tsipras does not hold back as he reflects on that turbulent era of Greece's debt drama.
An Unconventional Choice
As per Tsipras's version, Tsipras appointed the unorthodox economist Varoufakis as his treasury head mainly because of the latter's worldwide fame and Varoufakis's very persuasive skills when it came to communicator.
“In reality, he was, in reality, more like a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal agenda that included advancing Varoufakis's books and experimenting with his own economic models on Greece rather than genuinely advocating its economic stability.
He noted that the talks to avoid bankruptcy were “not only a method of achieving improved terms for the country. They were a test, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
Amid tense discussions, Greece found itself dangerously close to leaving the single currency area.
On the line was not only the country's destiny but also those severe austerity policies demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the harsh bailout terms were put to a public vote, a move that plunged Europe into deeper crisis of identity.
Even though the vote was won decisively by voters who opposed austerity, Tsipras was forced to ignore the result and agree to a rescue deal with creditors that proved to be more severe.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
He further claimed that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The retelling of history has been met with fury along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
