Within his recently unveiled memoir, named Ithaki, the former premier Tsipras does not hold back as he examines that turbulent era of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, he chose the unorthodox economist Varoufakis to be the treasury head largely because of his international reputation along with Varoufakis's highly compelling abilities when it came to speaker.
“He was, in reality, more like a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims how Varoufakis possessed a personal motives that included promoting Varoufakis's books and experimenting with his own economic models on Greece rather than truly fighting for the country's economic stability.
Tsipras explained how the negotiations to avoid insolvency were “not only a way to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country came perilously close to leaving the eurozone.
At stake was not only Greece's future and the punishing cutbacks required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that threw Europe into deeper crisis of identity.
Even though the referendum was carried decisively by those against austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy that included creating a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras further wrote that his aggressive approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were pushing for Grexit.
This retelling of history has been met with fury and stunned disbelief among certain groups, whereas the former minister has maintained a conspicuous quiet on the matter.
