Within his newly released memoir, titled Ithaki, the former premier Tsipras pulls no punches while he examines that turbulent era of Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, he selected that unorthodox academic Varoufakis as his finance minister mainly due to his global profile and Varoufakis's very persuasive abilities when it came to communicator.
“He was, truthfully, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief had a personal agenda which involved promoting Varoufakis's publications and experimenting with his own game theories on Greece instead of truly advocating its financial survival.
He noted how those discussions to stave off insolvency became “not only a way of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
On the line lay both Greece's future but also the punishing austerity measures required in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the excoriating conditions were subjected to a public vote, an action which plunged Europe into further crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome then negotiate a rescue deal from creditors which proved to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, the author concludes how Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate management.”
He further wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This retelling of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
