In a recently unveiled autobiography, called Ithaki, the former leader Tsipras pulls no punches as he reflects on that turbulent period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, Tsipras appointed that unorthodox economist Varoufakis as his treasury head primarily because of his international reputation along with Varoufakis's highly compelling skills as a public orator.
“He was, truthfully, more of a star and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis had his own agenda that included advancing his books and experimenting with his theories on the nation instead of genuinely fighting for the country's economic stability.
Tsipras wrote that those talks to prevent insolvency became “not only a method to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously on the brink of leaving the eurozone.
On the line lay both Greece's destiny and those harsh austerity policies required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the excoriating conditions were put to a popular referendum, a move which plunged Europe into further existential crisis.
Although the referendum was carried decisively by those against the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with creditors which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a backup strategy that included creating a secondary currency as well as issuing coupons to pensioners, Tsipras knew it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the book, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate handling.”
Tsipras further wrote how his confrontational approach made him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
This account of events has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
