In a freshly published personal account, titled Ithaki, the former premier Tsipras pulls no punches as he examines the chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that maverick economist Varoufakis to be his treasury head largely because of his worldwide fame and his highly compelling skills as a communicator.
“He was, in reality, more of a personality rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief possessed his own agenda that included advancing his publications as well as testing out his own economic models using the nation instead of genuinely advocating its financial survival.
Tsipras noted that the negotiations to avoid bankruptcy became “not just a method to secure a better deal for the country. They became an experiment, a monumental chance to prove the validity of his theories.”
Critical Negotiations
During tense negotiations, the country found itself perilously close to exiting the eurozone.
On the line lay both the country's destiny but also the punishing austerity policies required in return for bailout funds from international creditors.
Failed Options
Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that threw the EU into deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a secondary currency and distributing vouchers to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras further claimed how his confrontational style left him more and more alone among peers, endangered the country, and helped hardliners who were pushing for Grexit.
This retelling of events has been met with fury and shock in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.