Within his newly released autobiography, named Ithaki, the former premier Tsipras pulls no punches as he reflects on that chaotic era of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras appointed the maverick academic Varoufakis to be the finance minister mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more like a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief had a personal motives that included advancing Varoufakis's books as well as testing out his own theories on Greece rather than genuinely advocating the country's financial survival.
He wrote that the talks to avoid bankruptcy became “not just a way to secure improved terms for Greece. They became a test, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
Amid tense negotiations, the country came perilously on the brink of exiting the single currency area.
At stake was not only the country's future but also those severe cutbacks demanded in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw the EU into a deeper crisis of identity.
Even though the vote was won decisively by those who opposed the cuts, Tsipras had little option but to ignore the result then agree to a bailout package with creditors which turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to pensioners, the leader knew it was game over and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts how his former ally had proved himself to be “unsuitable for an agreement that required complex and sensitive management.”
He further wrote that his confrontational style left him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
The account of history has been met with fury along with shock in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
