In a newly released memoir, named Ithaki, the former premier Tsipras does not hold back as he revisits the turbulent era of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, he chose that maverick academic Varoufakis to be his finance minister largely because of his international reputation along with his very persuasive abilities as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims how Varoufakis had his own motives which involved promoting his publications as well as experimenting with his theories using Greece rather than truly fighting for the country's economic stability.
He wrote that those talks to avoid bankruptcy became “not only a way to secure a better deal for the country. They became a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During tense negotiations, the country found itself dangerously close to exiting the eurozone.
On the line was not only the country's destiny and the punishing austerity policies demanded in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, including a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were subjected to a public vote, an action which threw Europe into a deeper existential crisis.
Even though the vote was won decisively by those against the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required complex and delicate management.”
He also claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating Grexit.
The account of history has provoked anger and shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
