Within his recently unveiled autobiography, titled Ithaki, the former prime minister Tsipras pulls no punches as he revisits that chaotic era of Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed that unorthodox academic Varoufakis to be the finance minister largely because of his worldwide fame along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more of a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal agenda that included promoting his books as well as experimenting with his theories using the nation rather than truly advocating the country's economic stability.
Tsipras explained that those negotiations to prevent bankruptcy were “not only a method to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Talks
During volatile negotiations, the country came perilously on the brink of leaving the eurozone.
On the line was not only the country's future but also those severe austerity policies required in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move which threw Europe into a deeper existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal from creditors which proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving creating a parallel currency and distributing coupons to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”
He further claimed how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The account of events has been met with anger along with shock among certain groups, while the former minister has so far maintained a deafening silence on the matter.
