In a newly released autobiography, titled Ithaki, the former premier Tsipras pulls no punches while he reflects on that turbulent era of Greece's debt drama.
A Controversial Choice
In Tsipras's account, Tsipras chose that unorthodox academic Varoufakis as his treasury head primarily because of the latter's international reputation and his very persuasive abilities when it came to public orator.
“In reality, he was, actually, more of a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief had his own agenda that included advancing his publications and testing out his own economic models on Greece rather than genuinely fighting for the country's economic stability.
Tsipras wrote how the discussions to avoid bankruptcy became “not only a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of his ideas.”
Critical Talks
Amid tense discussions, the country came perilously on the brink of leaving the single currency area.
On the line lay not only Greece's destiny and the punishing cutbacks required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into deeper existential crisis.
Although the vote was won decisively by those who opposed austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan involving creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding intricate and delicate management.”
Tsipras also claimed that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were advocating Grexit.
The retelling of events has provoked fury along with shock among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
