Within his newly released personal account, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he examines that chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he appointed the maverick economist Varoufakis as the treasury head mainly due to his worldwide fame along with Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, actually, more of a star and less of an economist,” stated Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis possessed his own agenda that involved promoting Varoufakis's publications as well as testing out his own economic models using the nation rather than truly advocating its financial survival.
Tsipras wrote that those negotiations to avoid bankruptcy became “not just a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to prove the truth of his ideas.”
Critical Talks
Amid rollercoaster discussions, the country found itself dangerously on the brink of leaving the single currency area.
At stake was both Greece's destiny and the severe austerity measures demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the harsh bailout terms were subjected to a public vote, an action which threw the EU into a deeper crisis of identity.
Although the referendum was carried decisively by voters against austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency as well as distributing coupons to pensioners, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”
He further wrote how his aggressive style left him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
