Within his freshly published personal account, called Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits that chaotic era during Greece's financial crisis.
A Controversial Choice
In Tsipras's version, he selected that unorthodox academic Varoufakis as his finance minister mainly because of his international reputation along with his highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests that Varoufakis had his own motives that included promoting Varoufakis's publications as well as experimenting with his game theories on the nation instead of genuinely advocating its financial survival.
He explained how those negotiations to avoid insolvency were “not just a way to secure a better deal for Greece. They were an experiment, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During volatile discussions, Greece found itself dangerously close to exiting the single currency area.
At stake lay both the country's destiny and those severe austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to find funds from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were subjected to a public vote, a move that plunged the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome then agree to a bailout package from creditors that proved to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate management.”
He further claimed that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating Grexit.
The account of history has provoked fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
