In a freshly published autobiography, named Ithaki, the ex- leader Tsipras does not hold back while he revisits that turbulent era during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, he selected the unorthodox academic Varoufakis to be his finance minister mainly because of the latter's global profile along with Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis possessed his own agenda which involved promoting Varoufakis's publications and experimenting with his theories using Greece instead of truly fighting for its economic stability.
He explained that the negotiations to avoid bankruptcy became “not only a method of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster negotiations, Greece came perilously on the brink of leaving the single currency area.
On the line lay both Greece's destiny but also the harsh austerity policies demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to find financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Even though the referendum was carried decisively by those against the cuts, Tsipras was forced but to ignore the result and agree to a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he relished his new role.”
When the minister outlined a contingency plan that included creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and delicate handling.”
Tsipras further wrote how his confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
This retelling of history has provoked fury and shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
