Within his newly released personal account, named Ithaki, the ex- leader Tsipras pulls no punches as he examines the turbulent period during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's account, Tsipras appointed that maverick economist Varoufakis as his finance minister mainly because of the latter's worldwide fame and his highly compelling skills when it came to speaker.
“He was, in reality, more of a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief had his own motives which involved promoting his publications and experimenting with his own economic models using Greece instead of genuinely advocating the country's economic stability.
Tsipras wrote that the talks to avoid insolvency were “not only a method to secure improved terms for the country. They were a test, an historic chance to prove the truth of his theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously close to exiting the single currency area.
On the line was both the country's future but also the harsh austerity measures required in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, an action that plunged Europe into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes how his former ally demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
He further claimed that Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
