In a recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on the chaotic era during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's recollections, he chose the maverick academic Varoufakis to be the finance minister largely because of his worldwide fame and Varoufakis's very persuasive skills as a speaker.
“In reality, he was, truthfully, more like a personality and less of an economist,” stated the 51-year-old.
Clashing Priorities
The former leader suggests how his finance chief possessed his own motives that involved promoting Varoufakis's publications and testing out his economic models on Greece rather than genuinely fighting for its financial survival.
Tsipras wrote how those talks to avoid insolvency were “not just a way to secure improved terms for Greece. They became a test, a monumental chance to prove the validity of his ideas.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself perilously close to exiting the single currency area.
At stake was not only the country's future and the severe cutbacks required in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the harsh conditions were put to a popular referendum, an action that plunged the EU into a deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister had little option but to ignore the result then agree to a bailout package from creditors that turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing vouchers to pensioners, the leader knew that it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for Grexit.
This retelling of events has been met with anger along with shock among certain groups, whereas the former minister has kept a deafening silence regarding these claims.
