Within his newly released memoir, titled Ithaki, the former premier Tsipras pulls no punches as he examines the turbulent period of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's account, Tsipras selected the maverick academic Varoufakis as the treasury head largely because of the latter's international reputation and Varoufakis's “extremely attractive” skills when it came to speaker.
“In reality, he was, truthfully, more like a personality rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal agenda which included advancing Varoufakis's publications and testing out his own theories on Greece instead of genuinely fighting for the country's economic stability.
He noted how the negotiations to stave off insolvency became “not only a way of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense negotiations, the country came perilously on the brink of leaving the eurozone.
On the line was both Greece's future and those harsh austerity policies demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were subjected to a public vote, a move that threw Europe into a further crisis of identity.
Even though the referendum was carried resoundingly by voters against austerity, Tsipras had little option to ignore the result and agree to a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan involving creating a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He further wrote how his confrontational approach made him more and more alone with colleagues, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.
This account of events has been met with anger and shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
