Within his recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras does not hold back as he examines that turbulent period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's account, he chose the unorthodox academic Varoufakis as his finance minister largely due to his international reputation and Varoufakis's “extremely attractive” abilities as a public orator.
“He was, truthfully, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader claims how his finance chief possessed his own motives which included promoting Varoufakis's publications and testing out his own theories using the nation rather than truly fighting for the country's financial survival.
He explained how the negotiations to avoid insolvency became “not just a method of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both the country's future and the severe austerity measures demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, an action that plunged Europe into a deeper crisis of identity.
Although the referendum was won resoundingly by voters against the cuts, the prime minister was forced to reject its outcome then negotiate a bailout package from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew media attention, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency and issuing coupons to retirees, Tsipras knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further claimed that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with anger along with shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
