Within his recently unveiled autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that chaotic period of Greece's debt drama.
A Controversial Choice
As per the ex-PM's recollections, he chose that maverick economist Varoufakis as the treasury head largely because of the latter's international reputation along with his very persuasive abilities as a speaker.
“He was, truthfully, more like a personality and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis had his own motives that involved advancing Varoufakis's publications as well as experimenting with his game theories using Greece instead of truly fighting for the country's financial survival.
He noted how those talks to avoid bankruptcy became “not only a method to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of his economic theories.”
Critical Talks
Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.
On the line lay both Greece's destiny and those punishing austerity measures required in return for financial aid from international creditors.
Failed Alternatives
Efforts to find funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those punitive bailout terms were subjected to a popular referendum, an action that threw Europe into deeper crisis of identity.
Although the referendum was carried decisively by those against austerity, Tsipras had little option but to reject its outcome and negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a secondary currency and issuing coupons to retirees, Tsipras knew it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes that his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
He further wrote how his confrontational style left him more and more alone with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
This retelling of history has been met with anger and shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
