In a newly released memoir, titled Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, he selected that unorthodox economist Varoufakis to be the finance minister largely due to the latter's international reputation and Varoufakis's “extremely attractive” abilities as a public orator.
“He was, actually, more like a star rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader alleges that Varoufakis possessed a personal agenda that involved promoting Varoufakis's books as well as testing out his theories using Greece instead of truly advocating the country's financial survival.
Tsipras noted how those negotiations to prevent insolvency became “not only a way to secure improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay both the country's destiny and the severe cutbacks demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, a move which threw the EU into further existential crisis.
Even though the vote was won resoundingly by those who opposed austerity, Tsipras was forced but to ignore the result then agree to a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author concludes how Varoufakis demonstrated himself “unfit for an agreement that required complex and sensitive management.”
Tsipras further claimed that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
This retelling of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
