Within his freshly published memoir, named Ithaki, the former premier Tsipras pulls no punches as he examines the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, Tsipras selected that unorthodox economist Varoufakis to be the finance minister primarily because of his international reputation and Varoufakis's highly compelling abilities when it came to public orator.
“He was, actually, more like a personality rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader claims how Varoufakis possessed his own motives which involved advancing his books as well as testing out his own theories using the nation instead of truly fighting for the country's economic stability.
Tsipras wrote how the discussions to stave off insolvency became “not only a way to secure improved terms for the country. They became an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came dangerously close to leaving the single currency area.
At stake lay both the country's future and those punishing austerity policies required in return for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move that plunged the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal with creditors which proved to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to pensioners, the leader said he realised it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts how Varoufakis had proved himself “unfit for an agreement that required intricate and delicate handling.”
Tsipras also claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has provoked fury and stunned disbelief in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
