In a freshly published memoir, called Ithaki, the ex- premier Tsipras pulls no punches while he revisits that chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, Tsipras chose the unorthodox economist Varoufakis as the finance minister mainly because of his worldwide fame and Varoufakis's “extremely attractive” skills when it came to speaker.
“In reality, he was, truthfully, more like a star and less of an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras claims how his finance chief possessed a personal agenda that involved advancing his books and testing out his economic models using the nation rather than truly advocating its economic stability.
He explained how the discussions to stave off insolvency became “not just a way to secure a better deal for the country. They became a test, an historic chance to prove the truth of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously on the brink of exiting the single currency area.
On the line lay not only Greece's destiny and the severe cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that plunged Europe into a further existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister was forced to reject its outcome then negotiate a rescue deal with creditors which proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras concludes that his former ally had proved himself “unfit for a deal that required intricate and sensitive management.”
He also claimed how his confrontational style made him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
