Within his newly released memoir, named Ithaki, the former prime minister Tsipras spares no criticism while he revisits that turbulent period during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, he selected the unorthodox economist Varoufakis to be the finance minister largely due to the latter's global profile along with Varoufakis's very persuasive skills when it came to public orator.
“He was, in reality, more like a star rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief had his own motives that involved advancing Varoufakis's publications as well as testing out his game theories using the nation rather than genuinely advocating the country's financial survival.
Tsipras explained how those talks to prevent bankruptcy were “not only a method to secure a better deal for Greece. They were a test, a monumental chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously on the brink of leaving the eurozone.
At stake was not only Greece's future but also the severe austerity measures demanded in return for rescue loans from foreign lenders.
Failed Options
Attempts to find financing elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the harsh conditions were subjected to a public vote, an action that plunged Europe into a deeper crisis of identity.
Although the vote was carried decisively by those who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a rescue deal with creditors that proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement demanding complex and delicate management.”
He further claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, while helped hardliners that were pushing for Grexit.
This retelling of history has provoked fury along with shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
