Within his newly released autobiography, called Ithaki, the former prime minister Tsipras does not hold back while he examines the turbulent era of Greece's debt drama.
A Controversial Appointment
In the ex-PM's account, he chose the unorthodox economist Varoufakis as his treasury head largely due to the latter's global profile and his “extremely attractive” skills as a speaker.
“In reality, he was, actually, more of a star rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader suggests how his finance chief had his own motives that involved promoting Varoufakis's publications as well as experimenting with his economic models on the nation instead of truly advocating its financial survival.
Tsipras explained that the discussions to avoid insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid tense discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay not only Greece's future and the punishing austerity measures required in exchange for bailout funds by international creditors.
Failed Options
Attempts to find financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, a move that threw Europe into further crisis of identity.
Although the vote was won resoundingly by those against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included creating a parallel currency as well as issuing coupons to retirees, the leader knew that it was game over questioning him: “Are you serious?”
Enduring Rebuke
In the book, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate management.”
He further wrote how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
This account of history has been met with anger along with shock among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
