Within his recently unveiled personal account, called Ithaki, the former premier Tsipras does not hold back while he revisits the turbulent period of Greece's debt drama.
A Controversial Choice
In Tsipras's account, Tsipras appointed that unorthodox economist Varoufakis to be the finance minister primarily because of his worldwide fame along with Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, in reality, more of a star rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief possessed his own agenda which included promoting his publications and experimenting with his own economic models on Greece rather than truly advocating the country's financial survival.
He wrote that those talks to avoid bankruptcy became “not just a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
Critical Talks
During rollercoaster discussions, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was both the country's destiny and the harsh cutbacks required in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to secure funds from other sources, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating bailout terms were put to a public vote, a move that plunged the EU into a deeper existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome and agree to a bailout package from creditors that proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency as well as issuing coupons to retirees, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes how Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive management.”
He further claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
This account of history has been met with fury along with stunned disbelief among certain groups, while the former minister has maintained a deafening silence on the matter.
