Within his recently unveiled autobiography, named Ithaki, the former prime minister Tsipras pulls no punches while he revisits that turbulent period of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, he selected that unorthodox economist Varoufakis as the finance minister largely because of the latter's worldwide fame along with Varoufakis's very persuasive skills when it came to speaker.
“He was, in reality, more like a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges that Varoufakis had a personal motives which included promoting Varoufakis's books as well as experimenting with his economic models on Greece instead of genuinely fighting for the country's economic stability.
Tsipras explained that the negotiations to stave off insolvency were “not just a method to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
During tense negotiations, the country came perilously close to exiting the single currency area.
On the line was both the country's future and those severe cutbacks demanded in exchange for financial aid from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the punitive conditions were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Although the vote was carried decisively by voters against the cuts, Tsipras had little option but to ignore the result and negotiate a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras further claimed that his aggressive approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
This account of history has been met with fury along with stunned disbelief among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
