In a newly released memoir, called Ithaki, the former leader Tsipras does not hold back while he examines that chaotic period during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, Tsipras chose that unorthodox economist Varoufakis as the finance minister mainly due to his worldwide fame and his “extremely attractive” abilities when it came to public orator.
“He was, in reality, more of a star rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief had his own agenda that involved advancing his publications as well as experimenting with his game theories using the nation instead of genuinely advocating its financial survival.
He noted that the discussions to avoid insolvency were “not only a method of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line was both the country's destiny and those harsh cutbacks required in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the harsh conditions were subjected to a public vote, an action which plunged the EU into deeper existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister had little option but to reject its outcome and agree to a bailout package from creditors that proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
When the minister outlined a contingency plan that included creating a parallel currency as well as issuing coupons to retirees, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate handling.”
He also wrote how Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
