Within his freshly published memoir, named Ithaki, the ex- premier Tsipras does not hold back as he reflects on that chaotic era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's version, he selected that unorthodox economist Varoufakis to be his treasury head primarily due to his international reputation and Varoufakis's highly compelling skills as a public orator.
“He was, truthfully, more like a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims that his finance chief had his own agenda which involved promoting his books as well as experimenting with his own economic models using the nation rather than truly fighting for the country's financial survival.
He wrote that the discussions to prevent insolvency became “not only a way of achieving improved terms for Greece. They were a test, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During volatile negotiations, Greece came perilously close to leaving the single currency area.
On the line was not only the country's future and those punishing austerity measures demanded in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the referendum was carried resoundingly by those against austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package with foreign lenders that proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing vouchers to pensioners, the leader knew it was game over questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras also wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were advocating Grexit.
The account of history has been met with fury and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
