Within his recently unveiled autobiography, titled Ithaki, the former premier Tsipras does not hold back while he examines that turbulent period of Greece's debt drama.
A Controversial Choice
According to Tsipras's account, he chose that maverick economist Varoufakis to be his treasury head mainly due to the latter's worldwide fame and Varoufakis's highly compelling skills when it came to communicator.
“He was, in reality, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief had his own agenda that involved advancing Varoufakis's books and experimenting with his own economic models using the nation instead of genuinely advocating the country's financial survival.
He wrote how those discussions to prevent bankruptcy became “not just a method of achieving a better deal for the country. They were an experiment, an historic chance to prove the validity of his economic theories.”
Critical Negotiations
Amid tense discussions, Greece came dangerously close to exiting the single currency area.
On the line was not only the country's future and those punishing austerity policies required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw Europe into a further existential crisis.
Even though the referendum was carried resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal with creditors that proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who drew publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency and distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
He further claimed that Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has been met with anger along with stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
