Within his freshly published memoir, named Ithaki, the former leader Tsipras pulls no punches as he reflects on that turbulent period of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's account, Tsipras appointed that maverick economist Varoufakis to be his finance minister primarily due to his international reputation and his very persuasive skills as a communicator.
“He was, truthfully, more of a star rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader claims that his finance chief possessed his own agenda that included promoting Varoufakis's publications as well as experimenting with his own game theories on the nation instead of truly fighting for its financial survival.
Tsipras wrote how those talks to stave off bankruptcy became “not only a method of achieving improved terms for Greece. They were a test, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously close to leaving the single currency area.
On the line lay both Greece's future and those punishing austerity measures required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that threw the EU into further existential crisis.
Although the referendum was won decisively by voters against the cuts, Tsipras was forced but to reject its outcome then negotiate a rescue deal with creditors which proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to retirees, Tsipras knew that it was the end questioning him: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
He further wrote how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating Grexit.
The retelling of events has provoked anger along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
