Within his newly released personal account, named Ithaki, the ex- premier Tsipras pulls no punches while he reflects on that chaotic period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he chose that maverick academic Varoufakis to be the finance minister primarily because of the latter's global profile and his highly compelling skills when it came to speaker.
“In reality, he was, in reality, more of a star and less of an economic expert,” stated Tsipras.
Clashing Agendas
The former leader suggests that his finance chief had a personal motives which included promoting his books as well as experimenting with his own theories using Greece rather than truly advocating its financial survival.
Tsipras explained how those discussions to prevent bankruptcy were “not just a way of achieving improved terms for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, the country came dangerously close to exiting the single currency area.
On the line lay not only the country's destiny but also those harsh cutbacks required in return for financial aid by international creditors.
Failed Options
Attempts to find funds from other sources, including a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those harsh conditions were put to a popular referendum, a move which threw the EU into a further existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with creditors which proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to retirees, the leader knew that it was game over questioning him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally had proved himself to be “unfit for a deal that required complex and delicate management.”
He also wrote how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were advocating Grexit.
This retelling of events has been met with anger and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence regarding these claims.
