In a freshly published autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits that chaotic period of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras appointed that unorthodox academic Varoufakis to be the treasury head primarily because of his global profile along with Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, in reality, more like a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own motives which included advancing his publications and testing out his own game theories on Greece instead of truly advocating the country's financial survival.
Tsipras noted how those negotiations to stave off insolvency were “not only a method to secure improved terms for Greece. They became an experiment, a monumental chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously close to leaving the single currency area.
On the line lay not only Greece's destiny and the severe austerity measures required in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that threw the EU into a further existential crisis.
Although the referendum was won decisively by voters who opposed austerity, Tsipras was forced to ignore the result then agree to a bailout package from creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes how his former ally demonstrated himself “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras also wrote that Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.
The account of events has been met with fury along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
