In a newly released personal account, named Ithaki, the ex- premier Tsipras does not hold back as he reflects on the turbulent era during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, Tsipras appointed the maverick academic Varoufakis to be the treasury head mainly due to the latter's worldwide fame along with Varoufakis's highly compelling skills as a public orator.
“He was, in reality, more of a star and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims how his finance chief had a personal motives that included advancing his publications as well as experimenting with his game theories using the nation rather than truly fighting for the country's economic stability.
Tsipras explained that the talks to prevent insolvency became “not only a way to secure a better deal for the country. They became a test, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid tense negotiations, the country found itself dangerously close to leaving the eurozone.
At stake was not only the country's destiny but also the punishing austerity measures demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, an action which threw Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with creditors which proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who drew publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and delicate handling.”
He further claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
