Within his newly released autobiography, named Ithaki, the former premier Tsipras pulls no punches as he reflects on that chaotic period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he chose that unorthodox academic Varoufakis as his treasury head primarily because of his international reputation and Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more like a star and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras alleges how Varoufakis had a personal agenda which involved promoting Varoufakis's books as well as testing out his theories on Greece instead of genuinely fighting for the country's economic stability.
Tsipras noted that those discussions to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They were a test, an historic opportunity to prove the truth of his ideas.”
High-Stakes Talks
Amid tense discussions, Greece came dangerously close to exiting the eurozone.
On the line was both Greece's future and the harsh austerity measures demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum and U-Turn
That summer, the excoriating conditions were subjected to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option to ignore the result and agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy involving establishing a secondary currency and distributing vouchers to pensioners, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis had proved himself “unsuitable for an agreement demanding intricate and delicate management.”
He further claimed how Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were advocating Grexit.
This account of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
