Within his recently unveiled autobiography, named Ithaki, the ex- premier Tsipras does not hold back while he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he chose the unorthodox economist Varoufakis as the treasury head primarily because of his international reputation and Varoufakis's “extremely attractive” skills as a communicator.
“He was, truthfully, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief possessed his own motives which included promoting his publications as well as testing out his own theories using the nation instead of genuinely advocating its financial survival.
He noted that those discussions to stave off insolvency were “not just a method to secure a better deal for Greece. They became an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously close to leaving the single currency area.
On the line lay both Greece's destiny but also those punishing cutbacks required in return for financial aid by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged the EU into a further crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan that included creating a secondary currency and distributing coupons to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally had proved himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras also wrote that Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for Grexit.
This account of history has been met with anger along with shock among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
