In a recently unveiled memoir, named Ithaki, the former prime minister Tsipras pulls no punches while he examines the turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that unorthodox economist Varoufakis as the treasury head primarily due to his global profile and his “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more like a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis possessed a personal agenda that included promoting his publications as well as experimenting with his own economic models on the nation instead of truly fighting for its financial survival.
He wrote how the negotiations to stave off bankruptcy were “not just a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's destiny but also the punishing cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, a move that threw Europe into further crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a bailout package with creditors which turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal demanding intricate and delicate handling.”
He also claimed how his aggressive approach left him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating Grexit.
The account of history has provoked anger and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
