Within his freshly published personal account, named Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits that chaotic period of Greece's financial crisis.
A Controversial Choice
As per the ex-PM's version, Tsipras selected that maverick academic Varoufakis as the finance minister largely because of the latter's global profile along with his very persuasive skills when it came to speaker.
“He was, truthfully, more like a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis possessed his own agenda which involved promoting his publications as well as testing out his economic models on Greece rather than genuinely fighting for its economic stability.
He wrote how the talks to prevent bankruptcy were “not only a method to secure improved terms for Greece. They were a test, a monumental opportunity to prove the truth of his theories.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously on the brink of leaving the eurozone.
At stake was both the country's future and those severe austerity policies demanded in return for rescue loans from international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to Russia to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those punitive bailout terms were subjected to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Although the referendum was carried decisively by those against the cuts, Tsipras was forced but to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”
He further claimed that his aggressive approach left him more and more alone with colleagues, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
