In a freshly published personal account, called Ithaki, the former premier Tsipras pulls no punches while he revisits that turbulent era of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, Tsipras chose the maverick economist Varoufakis as his treasury head primarily because of the latter's global profile and Varoufakis's very persuasive skills when it came to communicator.
“He was, actually, more of a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges how his finance chief possessed his own agenda which included advancing Varoufakis's books and testing out his theories using the nation instead of genuinely advocating its financial survival.
Tsipras noted how the talks to stave off insolvency became “not only a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came dangerously on the brink of exiting the eurozone.
On the line lay not only Greece's destiny but also those punishing cutbacks demanded in exchange for financial aid from international creditors.
Failed Options
Attempts to secure financing from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into a deeper existential crisis.
Although the referendum was carried resoundingly by those against the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After the minister outlined a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, Tsipras knew that it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis demonstrated himself “unfit for an agreement that required complex and delicate management.”
He also claimed how his aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
