In a freshly published personal account, called Ithaki, the ex- premier Tsipras does not hold back as he examines the turbulent period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, Tsipras chose that unorthodox academic Varoufakis as the treasury head primarily due to his international reputation and Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis had a personal agenda which included advancing Varoufakis's books as well as experimenting with his game theories on Greece rather than truly advocating its financial survival.
He wrote that those negotiations to prevent bankruptcy became “not just a way to secure a better deal for the country. They were a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, Greece came perilously on the brink of leaving the single currency area.
At stake lay not only Greece's future but also the harsh cutbacks required in exchange for rescue loans from international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were put to a public vote, a move which threw Europe into a deeper existential crisis.
Although the vote was carried decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a bailout package with creditors that proved to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts how his former ally demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras also claimed how his aggressive style left him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The account of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
