Within his freshly published autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that turbulent era during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, he chose that maverick economist Varoufakis as the treasury head largely because of his worldwide fame along with Varoufakis's highly compelling skills when it came to speaker.
“He was, in reality, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief possessed a personal agenda which involved advancing his books and experimenting with his theories on the nation instead of genuinely advocating its economic stability.
Tsipras wrote that the negotiations to avoid bankruptcy became “not only a method of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
During tense discussions, Greece came perilously on the brink of exiting the single currency area.
On the line lay both Greece's destiny and those punishing austerity measures demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Attempts to find funds elsewhere, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the harsh conditions were subjected to a popular referendum, an action which plunged Europe into a further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome then agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
He also claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
The account of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
