In a freshly published memoir, called Ithaki, the former prime minister Tsipras does not hold back while he reflects on that chaotic period of Greece's economic turmoil.
A Controversial Choice
According to Tsipras's account, he chose that maverick academic Varoufakis as his treasury head primarily due to the latter's worldwide fame along with his very persuasive abilities as a communicator.
“He was, actually, more like a star and less of an economist,” stated Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis had his own motives that included promoting Varoufakis's books and experimenting with his own theories on Greece rather than genuinely advocating its financial survival.
Tsipras noted how the discussions to stave off bankruptcy were “not only a way to secure a better deal for the country. They were a test, a monumental chance to demonstrate the validity of his ideas.”
Critical Talks
Amid tense negotiations, Greece found itself dangerously close to leaving the single currency area.
At stake was not only Greece's destiny but also the punishing austerity policies demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a public vote, a move which plunged the EU into further crisis of identity.
Even though the vote was carried decisively by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal that required intricate and sensitive management.”
Tsipras also wrote that his aggressive style left him more and more alone among peers, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
