In a newly released personal account, titled Ithaki, the former prime minister Tsipras does not hold back while he reflects on the chaotic era of Greece's financial crisis.
A Controversial Choice
As per the ex-PM's account, he chose that unorthodox economist Varoufakis as his treasury head largely because of the latter's international reputation along with his “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief had his own motives that included promoting Varoufakis's books as well as testing out his own theories using the nation rather than truly advocating its economic stability.
Tsipras noted that the negotiations to avoid insolvency were “not only a method to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself dangerously close to leaving the eurozone.
On the line was both the country's future and those severe austerity policies demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action that threw Europe into further existential crisis.
Although the vote was carried resoundingly by those against austerity, the prime minister was forced but to reject its outcome then negotiate a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, the leader said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself “unfit for an agreement demanding intricate and sensitive management.”
Tsipras also claimed how his aggressive style left him more and more alone among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with fury and shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
