Within his recently unveiled autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits that chaotic period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras appointed the unorthodox academic Varoufakis to be his finance minister mainly due to the latter's international reputation and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own motives which included advancing his books and experimenting with his own theories using Greece instead of truly advocating the country's financial survival.
He noted that the talks to stave off bankruptcy were “not only a way of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid volatile discussions, the country came perilously close to leaving the single currency area.
At stake was both the country's destiny but also the severe austerity measures required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, a move which plunged Europe into deeper crisis of identity.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result and negotiate a bailout package with creditors that turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for an agreement that required complex and sensitive management.”
He further wrote how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The retelling of events has been met with anger and shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.
