In a recently unveiled personal account, named Ithaki, the ex- leader Tsipras does not hold back while he examines that turbulent period of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, Tsipras chose the unorthodox economist Varoufakis to be his treasury head primarily due to the latter's worldwide fame along with his “extremely attractive” abilities as a communicator.
“He was, actually, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras claims how his finance chief had a personal motives that involved promoting Varoufakis's books and experimenting with his own economic models using Greece instead of truly advocating the country's economic stability.
Tsipras wrote how the negotiations to avoid bankruptcy became “not only a way to secure a better deal for Greece. They became a test, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
Amid volatile discussions, Greece came dangerously close to exiting the eurozone.
At stake was both Greece's destiny but also those harsh austerity measures required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a bailout package from foreign lenders which proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the covers of magazines globally … it seemed he relished his new role.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras also claimed how his confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
The retelling of events has provoked fury along with shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
