Within his recently unveiled personal account, titled Ithaki, the ex- premier Tsipras does not hold back as he examines the chaotic era during Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, he selected that unorthodox economist Varoufakis as his finance minister largely because of the latter's global profile and his very persuasive skills when it came to speaker.
“He was, actually, more of a star rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief had a personal agenda which included promoting his books and testing out his theories using Greece instead of truly advocating its financial survival.
He noted how those talks to prevent bankruptcy became “not just a way of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously close to leaving the single currency area.
At stake lay not only the country's destiny but also the punishing cutbacks required in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a public vote, a move which plunged Europe into deeper existential crisis.
Even though the referendum was won resoundingly by voters against austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan involving creating a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras further wrote how Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, while helped hawks who were advocating Grexit.
This account of events has provoked anger and stunned disbelief among certain groups, while the former minister has kept a deafening silence regarding these claims.
