Within his freshly published autobiography, titled Ithaki, the ex- prime minister Tsipras does not hold back as he revisits the chaotic era of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's account, Tsipras chose the unorthodox academic Varoufakis to be the treasury head mainly due to his international reputation along with Varoufakis's very persuasive abilities as a public orator.
“He was, actually, more like a celebrity rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis had a personal agenda which involved advancing his publications and testing out his theories on Greece rather than genuinely advocating its economic stability.
Tsipras noted that the talks to stave off insolvency were “not just a way of achieving a better deal for Greece. They became an experiment, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's future but also those punishing cutbacks demanded in return for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, a move that threw Europe into a deeper existential crisis.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result and negotiate a bailout package from foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras further wrote that his aggressive approach left him more and more alone with colleagues, endangered the country, and helped hawks who were advocating Grexit.
This account of events has provoked fury and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.
