Within his freshly published memoir, called Ithaki, the ex- premier Tsipras pulls no punches while he examines that chaotic period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, Tsipras appointed that unorthodox economist Varoufakis as his treasury head primarily because of his global profile along with his very persuasive skills when it came to speaker.
“In reality, he was, actually, more like a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis possessed his own motives that involved advancing his books and experimenting with his own theories on the nation instead of genuinely advocating its economic stability.
He wrote how those negotiations to avoid insolvency became “not only a method to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came dangerously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny but also the punishing austerity measures required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, a move which threw the EU into a deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister was forced to reject its outcome then negotiate a rescue deal with creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
When the minister proposed a backup strategy that included establishing a parallel currency and distributing vouchers to retirees, Tsipras knew it was the end questioning him: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes how his former ally had proved himself “unsuitable for a deal demanding complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
The account of history has been met with anger along with stunned disbelief in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
