Within his newly released memoir, called Ithaki, the former leader Tsipras pulls no punches while he revisits that turbulent era during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's version, Tsipras selected the maverick academic Varoufakis to be his treasury head mainly because of the latter's global profile and his very persuasive skills as a public orator.
“He was, in reality, more of a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader claims how Varoufakis had his own motives which involved promoting Varoufakis's books as well as experimenting with his own theories on the nation instead of genuinely fighting for the country's economic stability.
He noted that those talks to avoid insolvency became “not only a way to secure a better deal for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
Amid volatile discussions, the country came dangerously on the brink of exiting the eurozone.
At stake was both the country's future but also those punishing austerity measures demanded in return for rescue loans from international creditors.
Unsuccessful Options
Attempts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the punitive conditions were put to a popular referendum, a move which threw Europe into a further existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras was forced to reject its outcome then agree to a bailout package with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding complex and sensitive management.”
He also wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hawks that were advocating Grexit.
The account of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
