Within his recently unveiled memoir, named Ithaki, the former premier Tsipras pulls no punches as he examines that chaotic period during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he selected the unorthodox economist Varoufakis as his treasury head mainly due to his global profile along with Varoufakis's very persuasive skills as a public orator.
“He was, in reality, more of a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had his own motives that involved promoting Varoufakis's publications and experimenting with his own economic models on Greece instead of genuinely advocating its economic stability.
Tsipras noted that those negotiations to avoid bankruptcy were “not only a method to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
Critical Talks
During volatile negotiations, Greece came dangerously close to exiting the eurozone.
At stake was not only Greece's destiny but also the harsh austerity policies required in return for bailout funds by international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the harsh bailout terms were subjected to a popular referendum, a move that threw Europe into further existential crisis.
Even though the vote was carried resoundingly by those against austerity, Tsipras was forced but to ignore the result and agree to a rescue deal from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, the author asserts that his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras further claimed that Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
