In a recently unveiled autobiography, named Ithaki, the former leader Tsipras does not hold back while he revisits the turbulent period during Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's version, he selected that maverick economist Varoufakis to be the treasury head mainly because of the latter's worldwide fame and his highly compelling abilities as a speaker.
“In reality, he was, actually, more of a personality rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis had his own motives that involved advancing his publications and experimenting with his theories using the nation rather than truly advocating its economic stability.
He explained how those negotiations to avoid insolvency were “not only a way to secure improved terms for Greece. They became a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile discussions, the country came dangerously close to exiting the single currency area.
On the line was not only Greece's future but also those punishing austerity policies demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, a move which threw Europe into a deeper existential crisis.
Even though the referendum was won decisively by those against the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who drew media attention, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing coupons to retirees, Tsipras knew that it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras also claimed that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The account of history has been met with fury and shock in some quarters, while the former minister has kept a deafening silence on the matter.
