In a newly released autobiography, called Ithaki, the former premier Tsipras does not hold back while he revisits the turbulent period during Greece's debt drama.
A Controversial Choice
According to the ex-PM's account, he chose the maverick academic Varoufakis as the finance minister largely because of the latter's global profile and his highly compelling skills as a communicator.
“In reality, he was, actually, more like a personality and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal agenda which included promoting Varoufakis's books and experimenting with his theories using Greece instead of genuinely advocating its financial survival.
He explained how those negotiations to avoid insolvency were “not only a method to secure improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country found itself perilously on the brink of leaving the single currency area.
On the line was both the country's destiny but also the punishing cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those excoriating bailout terms were put to a public vote, an action which threw the EU into deeper crisis of identity.
Even though the referendum was won decisively by voters against the cuts, the prime minister was forced to ignore the result then negotiate a bailout package with creditors that proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, while assisted hawks that were advocating Grexit.
The retelling of history has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
