Within his recently unveiled autobiography, titled Ithaki, the ex- leader Tsipras pulls no punches while he revisits that turbulent era during Greece's debt drama.
A Controversial Choice
In Tsipras's account, Tsipras appointed that unorthodox economist Varoufakis to be the finance minister mainly because of his international reputation along with his “extremely attractive” abilities as a speaker.
“He was, actually, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis possessed his own agenda that included promoting Varoufakis's publications and testing out his theories using Greece rather than truly advocating its financial survival.
He explained that those talks to avoid insolvency were “not just a method of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself perilously close to exiting the eurozone.
At stake was both the country's destiny but also the severe austerity policies required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which threw Europe into a further existential crisis.
Although the referendum was won resoundingly by voters against austerity, the prime minister had little option to ignore the result and agree to a rescue deal with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself “unfit for an agreement that required intricate and delicate management.”
Tsipras further wrote that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of events has been met with fury along with shock among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
