Within his freshly published memoir, called Ithaki, the ex- prime minister Tsipras does not hold back as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, he chose that unorthodox economist Varoufakis as the treasury head mainly because of his international reputation along with Varoufakis's highly compelling skills as a speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader claims that Varoufakis had his own motives that included advancing Varoufakis's books and experimenting with his game theories using Greece rather than truly advocating the country's financial survival.
He wrote how the talks to prevent bankruptcy were “not just a method of achieving a better deal for the country. They were an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Negotiations
Amid tense negotiations, the country found itself dangerously close to leaving the eurozone.
On the line lay not only Greece's future and the severe austerity policies required in exchange for financial aid from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, an action that threw the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by those against the cuts, Tsipras was forced but to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency and issuing vouchers to retirees, the leader knew that it was the end and asked him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
He also claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while helped hardliners who were advocating Grexit.
This retelling of history has provoked fury along with shock in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
