In a recently unveiled personal account, titled Ithaki, the ex- prime minister Tsipras does not hold back as he examines the chaotic period during Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he chose that maverick academic Varoufakis to be his finance minister largely because of the latter's worldwide fame and his highly compelling abilities as a public orator.
“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader suggests that his finance chief had a personal agenda that included advancing his books and experimenting with his theories using Greece instead of genuinely advocating its economic stability.
He explained that those talks to avoid bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During volatile discussions, the country came perilously close to exiting the eurozone.
On the line was not only Greece's future but also the harsh austerity measures required in return for financial aid from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, the excoriating conditions were put to a public vote, an action which threw Europe into a deeper crisis of identity.
Although the vote was carried resoundingly by those against austerity, the prime minister had little option but to reject its outcome and agree to a rescue deal from creditors that turned out to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts that his former ally demonstrated himself “unfit for an agreement that required complex and delicate management.”
He further claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence regarding these claims.
