Within his newly released memoir, named Ithaki, the former prime minister Tsipras pulls no punches while he examines the chaotic period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he selected the maverick academic Varoufakis as the finance minister largely because of his international reputation along with Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, in reality, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief possessed his own motives which involved promoting Varoufakis's publications and experimenting with his own economic models using the nation instead of genuinely advocating its economic stability.
He explained how the discussions to stave off insolvency were “not just a method of achieving a better deal for the country. They became an experiment, an historic opportunity to prove the validity of his theories.”
Critical Negotiations
During rollercoaster discussions, Greece found itself dangerously close to exiting the eurozone.
At stake lay not only Greece's future but also the harsh austerity policies demanded in exchange for bailout funds from international creditors.
Failed Options
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, those excoriating conditions were put to a public vote, a move which threw the EU into further crisis of identity.
Even though the referendum was won resoundingly by voters against austerity, the prime minister had little option to ignore the result and agree to a rescue deal from creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan that included establishing a parallel currency as well as distributing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and delicate management.”
He further wrote that his aggressive approach made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating Grexit.
The retelling of history has been met with fury along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
