In a freshly published memoir, named Ithaki, the ex- leader Tsipras pulls no punches as he reflects on that chaotic period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's recollections, Tsipras chose the maverick economist Varoufakis as the treasury head mainly because of his global profile and Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis possessed his own motives that involved advancing Varoufakis's publications as well as experimenting with his own game theories using the nation instead of truly advocating the country's financial survival.
He noted how the negotiations to stave off bankruptcy became “not just a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, Greece came dangerously close to leaving the eurozone.
On the line was not only the country's future and those harsh cutbacks demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were subjected to a popular referendum, a move which plunged Europe into a further crisis of identity.
Even though the vote was won resoundingly by those against austerity, the prime minister had little option but to reject its outcome then negotiate a rescue deal with creditors that proved to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included creating a parallel currency as well as distributing coupons to retirees, Tsipras knew that it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes that his former ally had proved himself “unsuitable for a deal that required complex and delicate management.”
He also wrote that his aggressive style left him increasingly isolated among peers, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
