Within his newly released memoir, named Ithaki, the ex- premier Tsipras pulls no punches as he examines that turbulent era during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's version, he chose that maverick economist Varoufakis to be the finance minister mainly because of his worldwide fame and his highly compelling abilities as a communicator.
“He was, truthfully, more like a personality and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis had his own motives that included advancing Varoufakis's publications and experimenting with his own theories on Greece instead of truly advocating the country's economic stability.
He wrote that the talks to stave off bankruptcy became “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country found itself dangerously close to leaving the eurozone.
At stake was both Greece's destiny but also the severe austerity policies required in return for rescue loans from international creditors.
Failed Alternatives
Efforts to secure funds from other sources, including a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the harsh conditions were put to a public vote, a move that plunged the EU into deeper crisis of identity.
Although the vote was carried resoundingly by those against the cuts, the prime minister was forced to ignore the result and agree to a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy involving creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras concludes that his former ally demonstrated himself to be “unfit for an agreement that required complex and sensitive handling.”
Tsipras further claimed that Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
The account of events has been met with fury and shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
