In a newly released autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that turbulent era during Greece's debt drama.
A Controversial Appointment
As per Tsipras's version, Tsipras selected that unorthodox academic Varoufakis as the finance minister mainly due to his global profile and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more of a star and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed his own agenda that included promoting his books and testing out his own theories using the nation instead of genuinely advocating its economic stability.
Tsipras explained how the negotiations to prevent bankruptcy became “not only a method of achieving improved terms for Greece. They became a test, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously on the brink of exiting the single currency area.
On the line was not only the country's destiny but also the severe cutbacks required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh conditions were subjected to a popular referendum, an action that plunged Europe into a further existential crisis.
Even though the vote was won decisively by those against austerity, Tsipras had little option to reject its outcome then agree to a bailout package from creditors that proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included creating a parallel currency and issuing vouchers to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally had proved himself “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote how his confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were pushing for Grexit.
This account of events has been met with fury and shock in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
