In a freshly published personal account, called Ithaki, the former prime minister Tsipras pulls no punches while he reflects on that turbulent period during Greece's debt drama.
A Controversial Appointment
In the ex-PM's version, Tsipras selected that unorthodox academic Varoufakis as the treasury head mainly due to his global profile along with his “extremely attractive” skills as a speaker.
“He was, truthfully, more of a personality and less of an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests that Varoufakis possessed his own agenda that involved advancing Varoufakis's publications as well as experimenting with his game theories on the nation instead of truly fighting for the country's economic stability.
Tsipras wrote how the discussions to avoid bankruptcy became “not only a method to secure a better deal for the country. They became an experiment, an historic opportunity to prove the truth of his ideas.”
High-Stakes Talks
Amid volatile negotiations, the country came perilously on the brink of exiting the eurozone.
On the line was not only Greece's destiny but also those harsh austerity measures demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were put to a public vote, a move which threw the EU into further existential crisis.
Although the vote was carried decisively by voters who opposed the cuts, Tsipras was forced to ignore the result and agree to a bailout package with foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for an agreement that required intricate and delicate handling.”
He further claimed how his aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This retelling of events has been met with fury and stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.