Within his recently unveiled personal account, called Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that turbulent period during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's version, Tsipras selected the unorthodox economist Varoufakis as the finance minister largely because of the latter's worldwide fame along with Varoufakis's highly compelling abilities as a speaker.
“He was, actually, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief had a personal motives which included advancing Varoufakis's publications and testing out his own game theories on the nation rather than genuinely fighting for the country's financial survival.
Tsipras explained that those negotiations to avoid bankruptcy were “not just a way to secure a better deal for the country. They became an experiment, a monumental chance to prove the truth of his economic theories.”
High-Stakes Talks
Amid volatile negotiations, the country came perilously on the brink of exiting the single currency area.
At stake lay not only Greece's future but also the severe cutbacks required in return for bailout funds by foreign lenders.
Failed Options
Efforts to secure financing from other sources, including an urgent plea to Russia to purchase Greek 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 U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, a move which threw Europe into a further existential crisis.
Even though the referendum was carried decisively by voters against the cuts, Tsipras had little option but to reject its outcome and negotiate a bailout package with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, the leader knew it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras further claimed how his confrontational style left him more and more alone among peers, endangered the country, while assisted hawks that were advocating Grexit.
This retelling of events has provoked fury along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
