In a recently unveiled autobiography, named Ithaki, the ex- premier Tsipras does not hold back while he examines the chaotic era of Greece's financial crisis.
A Controversial Appointment
In Tsipras's version, he selected the unorthodox economist Varoufakis as the finance minister primarily due to the latter's international reputation and his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” recalled Tsipras.
Conflicting Priorities
The former leader suggests that Varoufakis had a personal motives that involved promoting Varoufakis's publications and experimenting with his own economic models using Greece rather than truly advocating its financial survival.
He explained that the discussions to avoid bankruptcy became “not only a way to secure a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
During volatile negotiations, Greece came dangerously on the brink of leaving the single currency area.
On the line lay not only Greece's future and those harsh austerity measures required in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action which plunged the EU into a further existential crisis.
Even though the referendum was won decisively by voters against the cuts, the prime minister was forced but to ignore the result and agree to a rescue deal with foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required complex and sensitive management.”
He further wrote that his aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
The retelling of history has provoked anger and shock among certain groups, whereas the former minister has so far kept a deafening silence regarding these claims.
