Within his freshly published autobiography, named Ithaki, the former leader Tsipras pulls no punches as he reflects on that turbulent era of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's recollections, he selected the maverick economist Varoufakis to be his treasury head primarily because of the latter's worldwide fame along with his highly compelling skills as a speaker.
“He was, truthfully, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal motives which involved promoting his books and testing out his own theories using Greece rather than truly advocating the country's economic stability.
He noted that the talks to prevent bankruptcy became “not just a method of achieving improved terms for the country. They were a test, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During tense discussions, the country came perilously close to exiting the eurozone.
On the line was both the country's future and the punishing austerity measures required in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, a move that threw Europe into further existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package with creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the covers of magazines globally … it seemed he relished the spotlight.”
After the minister proposed a contingency plan that included creating a secondary currency and issuing coupons to pensioners, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras also claimed how his confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
