In a freshly published autobiography, named Ithaki, the ex- premier Tsipras does not hold back while he examines that turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he selected the unorthodox academic Varoufakis to be the finance minister primarily due to the latter's global profile along with Varoufakis's very persuasive abilities as a communicator.
“He was, in reality, more of a star and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis had his own motives that included advancing his publications as well as experimenting with his own economic models on Greece rather than truly advocating the country's economic stability.
Tsipras noted how the discussions to stave off bankruptcy became “not just a way to secure a better deal for Greece. They became a test, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to leaving the single currency area.
On the line was not only Greece's future but also those punishing cutbacks demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, a move that plunged Europe into a further crisis of identity.
Although the referendum was won decisively by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, the leader knew that it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes how his former ally demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras further claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
