In a recently unveiled autobiography, named Ithaki, the former premier Tsipras pulls no punches as he examines that turbulent period during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he selected that maverick academic Varoufakis as his treasury head primarily because of his global profile along with his “extremely attractive” skills as a speaker.
“He was, actually, more like a star and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief had his own agenda which involved promoting Varoufakis's books and testing out his own game theories on the nation instead of truly advocating its economic stability.
Tsipras wrote how the negotiations to prevent insolvency were “not only a way to secure a better deal for Greece. They were a test, an historic opportunity to prove the truth of his theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously close to leaving the eurozone.
On the line lay both the country's future and the severe austerity measures required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, an action that threw the EU into deeper existential crisis.
Although the referendum was carried resoundingly by those against the cuts, the prime minister had little option but to ignore the result then negotiate a bailout package from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and delicate handling.”
He further claimed how Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
