Within his newly released memoir, titled Ithaki, the former leader Tsipras does not hold back as he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's version, he selected that unorthodox economist Varoufakis to be his finance minister mainly because of his global profile and his very persuasive abilities as a communicator.
“He was, in reality, more like a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras claims how Varoufakis had his own motives that included promoting his publications as well as testing out his theories using Greece instead of truly fighting for its economic stability.
Tsipras explained that the talks to prevent insolvency became “not just a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense negotiations, the country found itself perilously close to leaving the single currency area.
At stake was both Greece's destiny but also the severe austerity policies required in exchange for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, 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, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action that plunged the EU into a deeper crisis of identity.
Although the vote was won resoundingly by voters against austerity, Tsipras was forced to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes that Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive handling.”
He further claimed how Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while assisted hardliners who were advocating Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
