Within his newly released memoir, named Ithaki, the former premier Tsipras pulls no punches while he revisits that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's account, Tsipras appointed the maverick economist Varoufakis to be his treasury head primarily due to his worldwide fame and Varoufakis's very persuasive abilities when it came to communicator.
“He was, truthfully, more like a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis possessed his own motives which involved promoting Varoufakis's books and experimenting with his economic models on Greece rather than truly fighting for its economic stability.
Tsipras noted how the talks to stave off bankruptcy became “not only a method to secure a better deal for Greece. They became a test, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
During tense discussions, Greece found itself perilously on the brink of exiting the eurozone.
At stake was both the country's destiny but also the severe austerity measures required in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were put to a popular referendum, an action that threw the EU into a deeper crisis of identity.
Even though the vote was carried decisively by those against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal with creditors that turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unfit for an agreement that required intricate and delicate handling.”
Tsipras further claimed how his aggressive approach left him increasingly isolated among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
The retelling of history has provoked fury along with shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.
