Within his freshly published autobiography, titled Ithaki, the former leader Tsipras pulls no punches as he revisits that turbulent era of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he chose the maverick academic Varoufakis to be the finance minister mainly due to his global profile and Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed a personal agenda which included promoting Varoufakis's books and experimenting with his economic models using 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 the country. They were an experiment, an historic chance to prove the truth of his ideas.”
Critical Talks
During rollercoaster discussions, the country came dangerously close to exiting the single currency area.
On the line was both the country's destiny but also the harsh cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the punitive conditions were put to a public vote, an action which plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a rescue deal from creditors which turned out to be more severe.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement that required intricate and delicate management.”
He also wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with fury along with shock in some quarters, while the former minister has kept a conspicuous quiet regarding these claims.
