Within his recently unveiled autobiography, called Ithaki, the ex- premier Tsipras does not hold back while he revisits that chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he selected the unorthodox academic Varoufakis to be the finance minister largely because of his international reputation along with his highly compelling skills as a communicator.
“In reality, he was, in reality, more like a star rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had a personal motives which involved advancing his books as well as experimenting with his own theories using the nation instead of genuinely advocating the country's financial survival.
Tsipras explained how those negotiations to stave off insolvency were “not only a way of achieving a better deal for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, the country came perilously on the brink of leaving the single currency area.
At stake was both the country's destiny but also those harsh austerity measures required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to find funds from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, a move that plunged the EU into a further existential crisis.
Although the referendum was won resoundingly by voters against the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package with foreign lenders that turned out to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself “unfit for an agreement that required complex and delicate management.”
Tsipras also wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for Grexit.
The account of history has provoked fury and shock among certain groups, while the former minister has kept a deafening silence regarding these claims.
