Within his newly released memoir, titled Ithaki, the former premier Tsipras does not hold back while he examines that turbulent period of Greece's financial crisis.
A Controversial Choice
As per Tsipras's version, he selected the maverick economist Varoufakis as the finance minister primarily due to his global profile and Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, in reality, more like a star rather than an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief possessed a personal agenda which involved advancing Varoufakis's publications and experimenting with his own theories using the nation instead of truly advocating the country's economic stability.
He wrote that those negotiations to avoid bankruptcy were “not only a method to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During volatile discussions, Greece came perilously on the brink of leaving the eurozone.
On the line was not only Greece's future and those punishing austerity policies required in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to find funds from other sources, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, Tsipras had little option but to ignore the result then negotiate a bailout package from creditors that proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis had proved himself “unfit for a deal that required complex and sensitive handling.”
Tsipras further wrote how his confrontational approach made him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
The retelling of history has been met with fury along with shock in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
