Within his recently unveiled autobiography, titled Ithaki, the ex- prime minister Tsipras does not hold back while he revisits the chaotic era of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's recollections, he appointed that unorthodox economist Varoufakis to be his treasury head primarily because of his international reputation along with Varoufakis's very persuasive skills when it came to public orator.
“He was, in reality, more of a star and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis possessed a personal agenda that involved advancing Varoufakis's books and testing out his game theories using the nation rather than genuinely fighting for the country's economic stability.
He noted how the discussions to avoid bankruptcy were “not only a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
At stake lay both the country's future but also the harsh austerity policies required in exchange for bailout funds by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those punitive bailout terms were put to a public vote, a move that plunged Europe into a further existential crisis.
Although the referendum was won decisively by voters against the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal from creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis had proved himself “unfit for a deal demanding complex and delicate handling.”
He also claimed that Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has provoked fury and shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
