Within his newly released autobiography, called Ithaki, the ex- premier Tsipras does not hold back while he revisits that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, he selected that unorthodox economist Varoufakis as the treasury head mainly due to his global profile along with Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief possessed his own motives which included advancing Varoufakis's publications and experimenting with his own game theories using the nation rather than genuinely advocating its financial survival.
Tsipras wrote how those discussions to avoid insolvency became “not only a method of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
Critical Negotiations
During volatile negotiations, the country found itself dangerously close to leaving the eurozone.
At stake lay not only the country's destiny but also those punishing austerity policies required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move that threw Europe into a deeper existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, the prime minister had little option to ignore the result and negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan that included creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised it was game over questioning him: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal demanding complex and delicate handling.”
He further wrote how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This account of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence on the matter.
