Within his newly released memoir, titled Ithaki, the ex- leader Tsipras spares no criticism as he reflects on that turbulent period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, he chose the maverick academic Varoufakis to be his finance minister mainly due to the latter's global profile and his very persuasive skills as a speaker.
“He was, in reality, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis possessed a personal motives that involved advancing Varoufakis's publications and experimenting with his game theories using the nation instead of truly advocating its economic stability.
Tsipras wrote that those discussions to prevent insolvency became “not just a method of achieving a better deal for the country. They were an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid tense negotiations, the country came perilously close to exiting the eurozone.
On the line was not only Greece's future but also the punishing austerity policies demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those punitive conditions were subjected to a popular referendum, a move which threw Europe into a deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome then negotiate a bailout package with creditors that turned out to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the book, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate management.”
He also claimed how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The retelling of history has been met with anger along with shock in some quarters, while the former minister has maintained a deafening silence regarding these claims.
