Within his freshly published autobiography, named Ithaki, the ex- premier Tsipras pulls no punches while he examines that turbulent era during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, Tsipras chose the unorthodox academic Varoufakis to be his finance minister primarily due to his global profile and Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, actually, more like a star and less of an economist,” recalled Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis had his own motives that included promoting his publications and experimenting with his own economic models on Greece rather than genuinely advocating its financial survival.
He wrote how the discussions to prevent insolvency became “not only a way of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Talks
Amid volatile discussions, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was not only Greece's future but also those severe austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive conditions were put to a public vote, a move that threw the EU into further crisis of identity.
Even though the vote was carried decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who drew media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included creating a parallel currency and distributing vouchers to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally had proved himself “unsuitable for an agreement that required intricate and sensitive handling.”
He further wrote that his aggressive approach left him more and more alone among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
