In a newly released memoir, titled Ithaki, the former premier Tsipras does not hold back as he revisits that turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, he chose the maverick academic Varoufakis to be the finance minister primarily due to the latter's international reputation along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis possessed a personal motives which included promoting his books and testing out his game theories on Greece instead of genuinely fighting for the country's financial survival.
Tsipras explained that those negotiations to stave off bankruptcy became “not only a way to secure improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came dangerously close to exiting the single currency area.
At stake lay both the country's future but also the harsh austerity measures demanded in return for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, a move that threw the EU into further crisis of identity.
Even though the referendum was carried decisively by voters against austerity, Tsipras had little option to ignore the result then agree to a bailout package with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and delicate handling.”
He also claimed how his aggressive style made him more and more alone with colleagues, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury along with shock among certain groups, while the former minister has kept a deafening silence on the matter.
