Within his freshly published autobiography, titled Ithaki, the former leader Tsipras pulls no punches as he examines that chaotic period during Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, he selected the unorthodox academic Varoufakis as his treasury head largely because of the latter's worldwide fame and his “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis had his own motives which involved advancing his publications and experimenting with his own economic models using Greece instead of truly fighting for its financial survival.
Tsipras explained that the talks to avoid insolvency were “not just a way to secure a better deal for the country. They were an experiment, an historic chance to prove the truth of his ideas.”
High-Stakes Talks
During volatile negotiations, Greece came perilously on the brink of leaving the eurozone.
On the line was not only Greece's destiny and those severe cutbacks required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, an action that threw the EU into further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to ignore the result and agree to a rescue deal from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
When the minister outlined a contingency plan involving establishing a parallel currency as well as distributing coupons to pensioners, Tsipras knew it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
He further claimed how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, while helped hardliners who were advocating a Greek exit from the euro.
The account of history has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
