In a freshly published autobiography, named Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on that turbulent period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he chose the maverick academic Varoufakis to be his finance minister largely due to the latter's international reputation along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests how Varoufakis had his own agenda that included advancing his books and testing out his theories using the nation rather than truly fighting for its economic stability.
Tsipras noted that those talks to prevent insolvency became “not just a way to secure improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came dangerously close to exiting the single currency area.
At stake was not only Greece's future and the harsh austerity measures required in return for rescue loans by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a popular referendum, a move which plunged Europe into further existential crisis.
Although the vote was carried resoundingly by those against austerity, Tsipras was forced but to reject its outcome then agree to a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a backup strategy involving creating a secondary currency and issuing vouchers to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, the author asserts that his former ally had proved himself “unfit for an agreement demanding complex and sensitive management.”
Tsipras further claimed how his aggressive approach left him increasingly isolated among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
This retelling of events has been met with fury and shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
