Within his newly released personal account, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits that turbulent period of Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, Tsipras selected the maverick academic Varoufakis as the treasury head largely due to the latter's international reputation along with Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, in reality, more like a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed his own agenda that involved promoting Varoufakis's books as well as testing out his own game theories using Greece rather than truly advocating its economic stability.
Tsipras explained how the negotiations to avoid insolvency were “not just a method to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously close to leaving the single currency area.
At stake lay not only Greece's destiny but also the punishing cutbacks required in return for rescue loans by foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were put to a public vote, an action that threw the EU into further crisis of identity.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the figure who drew publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, the author asserts how Varoufakis had proved himself “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras further wrote that his confrontational approach made him more and more alone with colleagues, endangered the country, and helped hawks who were advocating Grexit.
The account of events has been met with anger along with shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
