Within his newly released memoir, called Ithaki, the ex- premier Tsipras pulls no punches as he revisits the chaotic era during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras selected the unorthodox academic Varoufakis as the finance minister primarily due to the latter's global profile along with his highly compelling abilities as a communicator.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims that Varoufakis possessed his own motives which included advancing Varoufakis's publications and experimenting with his game theories on Greece instead of truly advocating its financial survival.
He wrote that those discussions to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid volatile negotiations, the country found itself perilously on the brink of leaving the single currency area.
On the line was not only the country's future but also those punishing austerity policies required in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to secure funds from other sources, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those punitive conditions were subjected to a public vote, a move which plunged the EU into further crisis of identity.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister had little option to reject its outcome and negotiate a bailout package with foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy involving creating a secondary currency and distributing coupons to pensioners, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis had proved himself “unsuitable for a deal that required complex and sensitive handling.”
He further wrote how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
