Within his recently unveiled personal account, called Ithaki, the ex- leader Tsipras pulls no punches as he revisits the chaotic period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, he appointed the unorthodox academic Varoufakis to be the treasury head mainly because of the latter's worldwide fame and his “extremely attractive” abilities as a communicator.
“He was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives which involved advancing Varoufakis's publications as well as experimenting with his theories on the nation instead of truly fighting for the country's financial survival.
He noted that the talks to avoid insolvency became “not only a method of achieving a better deal for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece came perilously close to leaving the single currency area.
At stake lay both Greece's future but also those severe austerity measures demanded in return for rescue loans by international creditors.
Failed Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the punitive conditions were put to a public vote, a move which plunged the EU into a deeper crisis of identity.
Even though the referendum was won decisively by those who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal from foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency and issuing vouchers to retirees, Tsipras knew that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
He also claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for Grexit.
The retelling of history has been met with anger and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.
