Within his newly released autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits the turbulent period of Greece's financial crisis.
A Controversial Choice
In Tsipras's account, he appointed the maverick economist Varoufakis to be his treasury head largely because of the latter's international reputation along with his very persuasive abilities as a communicator.
“He was, truthfully, more like a celebrity and less of an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed his own motives that included promoting Varoufakis's books as well as experimenting with his economic models using Greece rather than truly advocating its economic stability.
He wrote how those discussions to stave off insolvency became “not only a method of achieving improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line was not only the country's future but also those punishing austerity measures required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a public vote, a move which threw Europe into further crisis of identity.
Even though the vote was carried resoundingly by those against austerity, the prime minister was forced but to reject its outcome then agree to a bailout package with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
Tsipras further claimed how Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with fury along with shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
