In a recently unveiled memoir, titled Ithaki, the ex- leader Tsipras does not hold back while he examines that turbulent era of Greece's debt drama.
A Controversial Choice
In the ex-PM's account, Tsipras selected that unorthodox academic Varoufakis to be his finance minister largely due to his international reputation along with Varoufakis's very persuasive skills as a communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” stated Tsipras.
Clashing Priorities
Tsipras claims that Varoufakis had a personal motives that included advancing Varoufakis's books as well as testing out his game theories on the nation rather than truly advocating the country's economic stability.
Tsipras wrote that the talks to avoid bankruptcy became “not only a method of achieving a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
During volatile negotiations, Greece found itself dangerously close to leaving the single currency area.
On the line was both the country's future but also those punishing austerity policies required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating conditions were subjected to a popular referendum, a move which threw the EU into deeper existential crisis.
Even though the vote was carried decisively by those against the cuts, Tsipras was forced to ignore the result then agree to a bailout package with foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as distributing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
The account of history has provoked fury along with shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
