Within his recently unveiled autobiography, called Ithaki, the former leader Tsipras pulls no punches while he revisits the chaotic period of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's recollections, he appointed that maverick academic Varoufakis as the finance minister mainly because of the latter's worldwide fame along with his very persuasive abilities as a public orator.
“In reality, he was, actually, more of a personality rather than an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests that his finance chief possessed his own agenda which involved advancing his books as well as experimenting with his own theories using the nation instead of genuinely fighting for the country's economic stability.
He explained that those talks to stave off insolvency were “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the truth of his theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came perilously close to leaving the single currency area.
At stake lay both Greece's future and the severe cutbacks demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the punitive conditions were subjected to a public vote, a move that plunged the EU into a further crisis of identity.
Even though the referendum was won decisively by those who opposed austerity, the prime minister had little option to reject its outcome then negotiate a bailout package with creditors which proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan that included establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes how Varoufakis had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
He further claimed that his aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
The account of history has provoked anger and shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
