Within his newly released autobiography, called Ithaki, the ex- premier Tsipras pulls no punches while he examines that chaotic era of Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, Tsipras appointed the maverick academic Varoufakis to be the treasury head largely due to his worldwide fame and Varoufakis's highly compelling skills as a public orator.
“He was, truthfully, more like a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims that Varoufakis possessed a personal motives which included promoting his publications as well as experimenting with his own game theories on Greece instead of truly advocating the country's economic stability.
He wrote that the discussions to avoid bankruptcy were “not just a way of achieving improved terms for the country. They were a test, a monumental chance to prove the validity of his ideas.”
High-Stakes Negotiations
During volatile discussions, the country came perilously on the brink of exiting the single currency area.
At stake was not only the country's future and the punishing austerity policies required in exchange for financial aid from foreign lenders.
Failed Options
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the punitive conditions were put to a public vote, an action that plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras was forced but to ignore the result and negotiate a rescue deal from creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency and distributing vouchers to retirees, the leader knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes that his former ally demonstrated himself “unfit for a deal demanding complex and delicate management.”
He further claimed that Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
This account of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
