Within his freshly published memoir, titled Ithaki, the ex- premier Tsipras does not hold back while he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's account, he chose the unorthodox economist Varoufakis to be the treasury head mainly due to his international reputation along with his very persuasive skills as a speaker.
“He was, truthfully, more like a star rather than an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis had his own motives which included advancing his books as well as testing out his economic models using Greece instead of truly fighting for its economic stability.
He explained that those negotiations to prevent insolvency became “not only a method to secure a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
During tense negotiations, Greece came perilously on the brink of leaving the eurozone.
At stake lay both Greece's future but also those severe cutbacks required in return for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be 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 harsh bailout terms were subjected to a public vote, a move that threw the EU into a deeper crisis of identity.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to ignore the result and negotiate a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that his former ally demonstrated himself “unfit for a deal demanding intricate and sensitive management.”
He further claimed how his aggressive style made him increasingly isolated among peers, endangered the country, while assisted hawks who were advocating Grexit.
The account of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
