In a recently unveiled autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits the turbulent era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, Tsipras chose the maverick economist Varoufakis to be the finance minister largely because of his international reputation and Varoufakis's very persuasive abilities when it came to communicator.
“He was, truthfully, more of a star and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief possessed a personal motives which involved advancing Varoufakis's publications and experimenting with his own game theories on Greece instead of genuinely fighting for the country's financial survival.
He explained how the negotiations to prevent bankruptcy were “not only a way to secure improved terms for the country. They became a test, a monumental chance to demonstrate the truth of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay both the country's destiny but also the punishing cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating bailout terms were subjected to a public vote, a move that plunged the EU into a further crisis of identity.
Although the vote was carried decisively by voters who opposed austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to retirees, Tsipras knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”
Tsipras also claimed how his aggressive style left him more and more alone with colleagues, endangered the country, while assisted hawks that were advocating Grexit.
The retelling of history has been met with fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
