Within his freshly published personal account, named Ithaki, the ex- premier Tsipras pulls no punches as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's account, Tsipras appointed that unorthodox academic Varoufakis to be the treasury head mainly because of his global profile along with his very persuasive skills as a public orator.
“In reality, he was, in reality, more of a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief had a personal motives which involved promoting his books as well as experimenting with his game theories using the nation rather than truly advocating its economic stability.
He noted how those negotiations to prevent bankruptcy were “not just a method to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his economic theories.”
Critical Talks
During tense discussions, Greece came perilously close to leaving the eurozone.
On the line lay not only Greece's future but also the severe austerity measures demanded in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those punitive conditions were put to a popular referendum, an action that plunged the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result then negotiate a rescue deal from creditors which proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes how Varoufakis had proved himself “unsuitable for an agreement that required complex and delicate handling.”
Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
This account of history has provoked fury and shock in some quarters, while the former minister has maintained a deafening silence on the matter.
