Within his freshly published autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that chaotic period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, Tsipras selected the maverick economist Varoufakis as his finance minister largely because of his global profile and Varoufakis's highly compelling abilities as a communicator.
“He was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal motives that included promoting his publications as well as experimenting with his economic models using Greece instead of truly advocating its financial survival.
He explained that the talks to stave off bankruptcy were “not just a method to secure improved terms for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself dangerously close to exiting the eurozone.
At stake was not only Greece's future but also those punishing austerity policies required in exchange for financial aid from international creditors.
Failed Options
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote and Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move that threw Europe into further existential crisis.
Even though the referendum was carried decisively by those who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, the author concludes that his former ally had proved himself “unsuitable for an agreement demanding complex and delicate handling.”
He also claimed how his confrontational style left him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
