Within his freshly published autobiography, titled Ithaki, the ex- premier Tsipras pulls no punches while he reflects on the chaotic period during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he selected the maverick economist Varoufakis to be the finance minister mainly due to the latter's global profile along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief possessed his own agenda that involved promoting Varoufakis's books as well as testing out his own economic models on Greece instead of genuinely fighting for the country's financial survival.
He wrote how those talks to avoid bankruptcy became “not only a way of achieving a better deal for the country. They became a test, a monumental chance to prove the validity of his economic theories.”
Critical Negotiations
During tense discussions, the country found itself perilously close to exiting the eurozone.
At stake was not only the country's future but also those punishing austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, including a desperate appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating conditions were subjected to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the vote was won resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result and negotiate a bailout package from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The account of events has been met with anger along with shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.
