Within his newly released memoir, named Ithaki, the former prime minister Tsipras pulls no punches while he examines the chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's version, Tsipras chose that maverick economist Varoufakis as the finance minister primarily because of his global profile and his very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis had a personal motives which included promoting his books as well as testing out his economic models using Greece instead of truly advocating the country's financial survival.
Tsipras noted that those discussions to prevent insolvency were “not just a method of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
Amid volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake lay both Greece's future but also those severe austerity policies demanded in return for bailout funds by international creditors.
Failed Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the punitive conditions were subjected to a popular referendum, a move which plunged the EU into deeper crisis of identity.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome then agree to a bailout package from foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … it seemed he relished his new role.”
After the minister outlined a contingency plan that included establishing a parallel currency and issuing vouchers to retirees, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that his former ally demonstrated himself to be “unfit for a deal that required complex and delicate handling.”
He further wrote that Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
The retelling of events has been met with fury along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
