Within his recently unveiled memoir, called Ithaki, the former prime minister Tsipras does not hold back while he reflects on that chaotic period during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, Tsipras selected that maverick academic Varoufakis as the treasury head largely due to the latter's worldwide fame along with his very persuasive skills as a communicator.
“In reality, he was, in reality, more like a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed his own motives which included promoting his books and experimenting with his theories on the nation instead of truly advocating the country's economic stability.
Tsipras explained that those negotiations to avoid bankruptcy became “not just a method of achieving a better deal for Greece. They were a test, an historic chance to demonstrate the validity of his ideas.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake was not only the country's future but also the harsh austerity measures required in return for bailout funds by international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, including an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action which threw the EU into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to ignore the result and agree to a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who drew publicity, who graced the covers of publications globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He also wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This account of history has provoked fury along with shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
