Within his recently unveiled memoir, titled Ithaki, the former prime minister Tsipras does not hold back as he examines the turbulent era of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's recollections, Tsipras chose that unorthodox academic Varoufakis to be his treasury head primarily due to his global profile along with his very persuasive skills when it came to public orator.
“He was, truthfully, more of a personality rather than an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges that his finance chief had his own motives that involved promoting his publications and testing out his theories using Greece instead of truly fighting for the country's economic stability.
He explained that the discussions to stave off bankruptcy were “not just a method to secure a better deal for Greece. They became a test, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid tense negotiations, Greece came perilously on the brink of exiting the single currency area.
At stake lay both the country's future but also those severe austerity measures demanded in return for bailout funds from international creditors.
Failed Alternatives
Efforts to find funds elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move that threw Europe into a deeper crisis of identity.
Even though the referendum was won resoundingly by voters who opposed austerity, Tsipras had little option but to ignore the result and agree to a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency and distributing coupons to retirees, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras asserts how his former ally had proved himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras further wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
The retelling of history has been met with fury along with shock in some quarters, while the former minister has maintained a deafening silence on the matter.
