Within his newly released memoir, named Ithaki, the former premier Tsipras does not hold back while he examines the chaotic period during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he selected the unorthodox economist Varoufakis as his treasury head largely because of his international reputation and his highly compelling abilities when it came to public orator.
“He was, truthfully, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis had a personal motives which involved promoting his publications as well as testing out his economic models using the nation instead of truly advocating the country's economic stability.
He wrote how the discussions to stave off bankruptcy were “not only a method to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
Critical Talks
During volatile discussions, the country found itself perilously on the brink of exiting the eurozone.
On the line was both the country's destiny and the harsh austerity policies required in exchange for rescue loans from international creditors.
Failed Options
Attempts to find financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the punitive bailout terms were put to a popular referendum, a move that threw Europe into further existential crisis.
Even though the vote was carried decisively by those who opposed austerity, the prime minister was forced to reject its outcome then negotiate a bailout package with creditors which turned out to be more severe.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy involving creating a parallel currency as well as issuing coupons to pensioners, Tsipras knew that it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the book, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive handling.”
He further wrote that his confrontational style made him more and more alone among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The account of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
