In a recently unveiled memoir, named Ithaki, the former premier Tsipras pulls no punches as he revisits the turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras chose the maverick economist Varoufakis to be his finance minister largely due to the latter's global profile along with Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more like a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief possessed his own motives which involved promoting his publications and experimenting with his own economic models on Greece rather than truly advocating its financial survival.
He wrote that the talks to avoid insolvency were “not just a method of achieving improved terms for the country. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid rollercoaster negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay both Greece's future but also those punishing austerity policies required in return for financial aid by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a public vote, a move that threw Europe into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed austerity, Tsipras was forced to reject its outcome and agree to a bailout package with foreign lenders that proved to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, the leader knew it was the end and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes how his former ally had proved himself “unfit for a deal that required complex and delicate handling.”
He further claimed how his confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
