Within his recently unveiled memoir, titled Ithaki, the former leader Tsipras pulls no punches while he revisits the turbulent period during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's account, he chose the maverick economist Varoufakis as his treasury head mainly due to his worldwide fame along with his “extremely attractive” skills when it came to communicator.
“He was, in reality, more of a personality rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims how his finance chief possessed his own motives which included advancing Varoufakis's books and experimenting with his economic models on Greece instead of truly advocating its financial survival.
He noted that the talks to prevent bankruptcy became “not just a method to secure a better deal for the country. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
Amid volatile negotiations, Greece came dangerously on the brink of exiting the eurozone.
At stake was not only the country's future but also those severe cutbacks required in exchange for rescue loans from international creditors.
Failed Options
Efforts to secure financing elsewhere, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh conditions were put to a public vote, a move that threw the EU into a deeper crisis of identity.
Even though the vote was won decisively by those who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package with foreign lenders which proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included creating a parallel currency as well as issuing coupons to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the book, the author asserts that his former ally demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”
He further wrote how his confrontational style left him more and more alone among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
