In a recently unveiled autobiography, titled Ithaki, the former premier Tsipras pulls no punches while he revisits that chaotic era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose that unorthodox economist Varoufakis to be his treasury head primarily because of the latter's international reputation along with his highly compelling abilities when it came to public orator.
“He was, actually, more like a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief had his own motives that included promoting Varoufakis's books and experimenting with his own economic models on Greece rather than genuinely fighting for the country's economic stability.
Tsipras wrote that those discussions to prevent bankruptcy were “not just a way of achieving improved terms for Greece. They were an experiment, a monumental chance to prove the validity of his theories.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself dangerously close to leaving the eurozone.
At stake was not only the country's future and the severe austerity policies required in return for financial aid by international creditors.
Failed Options
Attempts to secure financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were subjected to a public vote, a move that plunged Europe into a deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then agree to a bailout package with creditors that proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras further claimed that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were advocating Grexit.
The retelling of history has been met with fury and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
