Within his newly released autobiography, called Ithaki, the ex- premier Tsipras spares no criticism while he examines the turbulent era of Greece's financial crisis.
An Unconventional Choice
In Tsipras's account, he chose that maverick economist Varoufakis as the treasury head primarily due to the latter's global profile along with Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, actually, more like a star and less of an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests that Varoufakis possessed his own agenda that involved promoting Varoufakis's publications and testing out his theories on Greece rather than truly fighting for its economic stability.
He explained how the discussions to stave off bankruptcy were “not only a method of achieving a better deal for the country. They were a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously close to leaving the eurozone.
At stake lay not only Greece's future but also those severe cutbacks required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a popular referendum, a move which plunged the EU into a further existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, the prime minister was forced but to reject its outcome and agree to a rescue deal with creditors which proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, the author asserts that Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive handling.”
Tsipras further wrote how his aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for Grexit.
The retelling of history has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
