In a freshly published autobiography, titled Ithaki, the former premier Tsipras pulls no punches while he revisits the chaotic period of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, he appointed that unorthodox economist Varoufakis to be his finance minister largely because of his international reputation and his very persuasive abilities as a public orator.
“He was, actually, more like a personality rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis had a personal motives that included promoting his publications and experimenting with his theories on the nation rather than genuinely advocating its financial survival.
Tsipras explained how the negotiations to avoid bankruptcy were “not just a way of achieving a better deal for the country. They became a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously on the brink of leaving the eurozone.
At stake lay not only Greece's future but also those harsh austerity policies demanded in return for bailout funds by international creditors.
Failed Options
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, a move which plunged the EU into further crisis of identity.
Even though the vote was won decisively by those against the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package with creditors that proved to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis 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 … it seemed he relished his new role.”
After the minister proposed a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Enduring Criticism
In the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and delicate management.”
He further wrote that his confrontational approach made him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for Grexit.
This retelling of events has provoked fury and stunned disbelief among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
