Within his freshly published personal account, called Ithaki, the ex- premier Tsipras does not hold back as he reflects on that turbulent period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's account, he chose the unorthodox economist Varoufakis as the finance minister largely because of the latter's worldwide fame and his “extremely attractive” skills as a public orator.
“He was, in reality, more like a personality rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief had his own agenda that involved advancing Varoufakis's publications and experimenting with his own theories using Greece rather than genuinely fighting for its economic stability.
He explained that the discussions to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
During tense negotiations, the country found itself perilously on the brink of leaving the eurozone.
At stake was both Greece's destiny but also the severe cutbacks required in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were put to a public vote, a move that threw Europe into further crisis of identity.
Even though the referendum was carried decisively by voters who opposed the cuts, the prime minister was forced but to ignore the result and agree to a bailout package from creditors that turned out to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal that required complex and delicate management.”
Tsipras further wrote that Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
