Within his newly released personal account, named Ithaki, the ex- leader Tsipras spares no criticism while he revisits the chaotic era of Greece's debt drama.
A Controversial Choice
As per the ex-PM's account, he chose that maverick economist Varoufakis as the treasury head largely because of his global profile and Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief had his own motives which included promoting Varoufakis's publications and experimenting with his own theories on Greece rather than genuinely fighting for the country's financial survival.
He wrote that the discussions to avoid bankruptcy were “not only a method to secure improved terms for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
Amid tense negotiations, the country came perilously close to exiting the eurozone.
On the line was both the country's future and those severe cutbacks required in exchange for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping Greece would be equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras had little option but to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan that included creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further wrote that his confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with fury and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
