In a recently unveiled autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits that chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's recollections, he selected that maverick academic Varoufakis as the finance minister primarily due to the latter's worldwide fame along with his “extremely attractive” abilities as a public orator.
“He was, in reality, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief possessed his own agenda that involved promoting Varoufakis's publications as well as experimenting with his economic models using Greece instead of truly fighting for its economic stability.
Tsipras noted that the negotiations to prevent insolvency became “not only a way to secure improved terms for Greece. They were a test, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
During rollercoaster discussions, Greece found itself perilously close to leaving the single currency area.
At stake was not only the country's destiny and those harsh cutbacks demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move which plunged the EU into a further crisis of identity.
Even though the vote was carried decisively by voters against the cuts, Tsipras had little option to ignore the result then agree to a bailout package with creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing vouchers to retirees, the leader said he realised it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the book, the author concludes that Varoufakis demonstrated himself “unfit for a deal that required intricate and sensitive handling.”
He also wrote that his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were advocating Grexit.
The account of events has been met with fury along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
