In a freshly published personal account, titled Ithaki, the former leader Tsipras pulls no punches while he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, Tsipras appointed the unorthodox economist Varoufakis as the finance minister largely because of the latter's worldwide fame along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, truthfully, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief possessed a personal motives that included advancing Varoufakis's publications and testing out his own game theories on the nation rather than truly fighting for its economic stability.
He explained that those talks to stave off bankruptcy became “not just a method to secure a better deal for the country. They became an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
Critical Talks
Amid tense discussions, Greece found itself perilously on the brink of exiting the single currency area.
At stake was not only the country's future but also the punishing austerity measures required in return for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move which threw the EU into further existential crisis.
Although the vote was won decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome and agree to a bailout package with creditors which proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader knew that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and delicate handling.”
He further wrote that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The account of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
