In a recently unveiled autobiography, titled Ithaki, the ex- premier Tsipras pulls no punches while he revisits the turbulent era of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's version, he chose the maverick economist Varoufakis as the finance minister mainly because of his global profile and Varoufakis's highly compelling skills when it came to speaker.
“He was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras suggests that his finance chief had a personal motives which involved advancing Varoufakis's publications and experimenting with his economic models using Greece rather than genuinely advocating its financial survival.
He wrote that the discussions to prevent insolvency became “not just a way of achieving a better deal for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, Greece found itself perilously on the brink of exiting the eurozone.
On the line was not only Greece's destiny and those severe austerity policies required in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were subjected to a public vote, a move which plunged Europe into further crisis of identity.
Although the vote was carried resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then negotiate a bailout package from foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally had proved himself “unfit for an agreement demanding complex and sensitive management.”
Tsipras also wrote how his confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with shock in some quarters, while the former minister has kept a deafening silence on the matter.
