Within his newly released personal account, named Ithaki, the ex- premier Tsipras pulls no punches as he examines the chaotic era of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, he chose the unorthodox academic Varoufakis as the finance minister mainly due to his international reputation along with his very persuasive abilities as a speaker.
“He was, actually, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims that Varoufakis possessed a personal motives that involved promoting his books and testing out his own economic models on the nation rather than truly fighting for its financial survival.
Tsipras noted that those negotiations to avoid insolvency became “not just a way to secure improved terms for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake was not only the country's future but also those severe austerity policies required in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were put to a public vote, a move which plunged the EU into a further existential crisis.
Although the referendum was carried decisively by those against austerity, Tsipras was forced but to ignore the result then agree to a bailout package with creditors which turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the figure who drew media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving creating a secondary currency as well as issuing coupons to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding intricate and delicate management.”
He also claimed how his aggressive style left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
