Within his newly released autobiography, titled Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on the turbulent period of Greece's debt drama.
A Controversial Choice
According to Tsipras's version, Tsipras selected the maverick economist Varoufakis to be the treasury head largely because of his global profile along with Varoufakis's “extremely attractive” skills as a public orator.
“He was, truthfully, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis possessed his own motives that included promoting his publications as well as experimenting with his own theories on Greece instead of genuinely advocating the country's financial survival.
Tsipras wrote that those negotiations to stave off insolvency became “not just a way of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously close to leaving the single currency area.
On the line was not only Greece's future and the punishing austerity policies demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to secure funds from other sources, including an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, those punitive conditions were put to a public vote, an action that threw the EU into a deeper existential crisis.
Although the vote was carried resoundingly by those against austerity, Tsipras was forced to reject its outcome then agree to a bailout package with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing coupons to retirees, Tsipras said he realised it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts that his former ally had proved himself “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
This account of history has been met with anger and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
