Within his freshly published autobiography, called Ithaki, the former leader Tsipras does not hold back while he examines that turbulent era of Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, he selected that maverick economist Varoufakis to be the finance minister primarily due to the latter's international reputation along with Varoufakis's highly compelling skills when it came to public orator.
“He was, truthfully, more like a star rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges how his finance chief had his own agenda which involved promoting his publications as well as testing out his theories using Greece instead of truly advocating its financial survival.
He explained how the negotiations to stave off bankruptcy became “not just a method to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, the country found itself perilously on the brink of exiting the eurozone.
At stake was both Greece's future but also those punishing cutbacks required in return for financial aid from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the harsh bailout terms were put to a public vote, an action that threw Europe into a further existential crisis.
Although the vote was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome then negotiate a rescue deal from creditors which proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan involving creating a parallel currency and distributing coupons to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes how his former ally had proved himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further claimed that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of history has provoked anger along with shock among certain groups, while the former minister has kept a deafening silence regarding these claims.
