Within his freshly published personal account, named Ithaki, the former premier Tsipras pulls no punches while he revisits the chaotic period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, Tsipras chose that unorthodox economist Varoufakis as the finance minister largely due to his global profile along with Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, actually, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis had his own agenda which involved advancing his publications and testing out his theories on Greece rather than truly fighting for the country's financial survival.
Tsipras explained how those discussions to stave off insolvency were “not just a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
Amid volatile discussions, Greece found itself perilously on the brink of exiting the single currency area.
On the line lay both the country's destiny but also those harsh austerity measures required in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Although the vote was won resoundingly by those against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal from foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a parallel currency and distributing coupons to pensioners, the leader knew that it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the book, the author asserts how his former ally had proved himself to be “unsuitable for a deal demanding complex and sensitive management.”
Tsipras further wrote that Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
