In a freshly published memoir, named Ithaki, the ex- premier Tsipras does not hold back while he revisits the turbulent period during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's recollections, he selected the maverick academic Varoufakis as the finance minister largely because of the latter's worldwide fame and Varoufakis's highly compelling skills as a speaker.
“In reality, he was, in reality, more like a personality and less of an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras alleges that his finance chief had a personal motives that involved promoting his books and testing out his economic models using the nation instead of genuinely advocating the country's financial survival.
Tsipras wrote how those talks to prevent insolvency became “not only a method to secure a better deal for Greece. They became an experiment, a monumental chance to demonstrate the truth of his economic theories.”
Critical Negotiations
During volatile discussions, the country found itself dangerously on the brink of leaving the eurozone.
At stake was both the country's destiny and those severe austerity policies required in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were subjected to a popular referendum, an action that threw Europe into further existential crisis.
Even though the referendum was won decisively by voters against the cuts, Tsipras was forced but to ignore the result then negotiate a bailout package from foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing vouchers to pensioners, the leader said he realised it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras asserts that his former ally had proved himself “unfit for a deal that required complex and sensitive management.”
Tsipras also wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
This account of history has provoked fury and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
