Within his newly released personal account, named Ithaki, the former prime minister Tsipras does not hold back while he revisits the chaotic period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, Tsipras chose that unorthodox academic Varoufakis as his treasury head mainly due to his global profile along with his “extremely attractive” skills when it came to communicator.
“In reality, he was, truthfully, more of a personality and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief possessed his own agenda which involved promoting his books and testing out his theories on the nation rather than truly advocating its financial survival.
He noted that those discussions to avoid insolvency became “not just a method of achieving improved terms for the country. They were an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously close to leaving the eurozone.
At stake lay both the country's future but also those harsh cutbacks demanded in return for rescue loans by foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, an action that threw the EU into a deeper existential crisis.
Although the vote was won decisively by those against austerity, the prime minister had little option to reject its outcome and agree to a rescue deal from creditors that proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes that his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has provoked fury along with shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
