Within his recently unveiled personal account, titled Ithaki, the former prime minister Tsipras does not hold back while he revisits that turbulent era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's account, he appointed the maverick academic Varoufakis as his finance minister primarily due to his worldwide fame along with his “extremely attractive” skills as a communicator.
“He was, truthfully, more of a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims how his finance chief had a personal agenda that involved promoting his publications as well as experimenting with his theories using the nation instead of genuinely fighting for the country's economic stability.
He noted that the talks to stave off bankruptcy were “not only a method to secure improved terms for Greece. They became a test, a monumental chance to prove the validity of his theories.”
Critical Negotiations
During tense negotiations, the country came dangerously close to leaving the single currency area.
On the line was both the country's future but also those harsh austerity policies demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, an action that plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister had little option but to ignore the result and agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as issuing coupons to retirees, the leader knew it was game over questioning him: “Are you serious?”
Lasting Criticism
Within the book, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He also claimed how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
The retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
