Within his newly released memoir, called Ithaki, the former prime minister Tsipras pulls no punches as he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, Tsipras selected that maverick academic Varoufakis to be the treasury head largely because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis had his own motives which included advancing his books and testing out his game theories using Greece rather than genuinely fighting for the country's economic stability.
He explained that the talks to prevent insolvency were “not just a way to secure improved terms for the country. They became a test, an historic chance to prove the validity of Varoufakis's theories.”
Critical Talks
Amid rollercoaster negotiations, the country came perilously on the brink of exiting the eurozone.
At stake was not only Greece's future and those severe austerity policies demanded in return for financial aid from international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh bailout terms were put to a public vote, a move which threw the EU into deeper existential crisis.
Although the vote was carried decisively by those against austerity, Tsipras was forced but to reject its outcome then negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras concludes that his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational style left him more and more alone among peers, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
This account of events has been met with anger and stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
