Within his recently unveiled autobiography, named Ithaki, the former premier Tsipras pulls no punches as he reflects on that turbulent period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's recollections, he chose the maverick academic Varoufakis as the finance minister largely due to the latter's international reputation along with his “extremely attractive” skills when it came to communicator.
“He was, in reality, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis had his own agenda which involved promoting his books and experimenting with his economic models on Greece rather than truly fighting for the country's economic stability.
He explained that those talks to avoid bankruptcy were “not just a way to secure a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously close to exiting the eurozone.
At stake lay both the country's future but also those harsh cutbacks demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a public vote, an action which plunged Europe into deeper existential crisis.
Although the referendum was won resoundingly by those against austerity, the prime minister was forced to ignore the result and agree to a rescue deal with creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan that included creating a parallel currency and issuing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras asserts that his former ally had proved himself “unsuitable for a deal that required complex and sensitive management.”
Tsipras also wrote that his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence regarding these claims.
