In a newly released memoir, called Ithaki, the former leader Tsipras pulls no punches while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, he selected the maverick economist Varoufakis to be his finance minister mainly because of his worldwide fame along with his highly compelling skills as a speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader claims that Varoufakis had a personal motives which included promoting his books and testing out his own economic models using the nation rather than genuinely fighting for the country's economic stability.
Tsipras noted how those discussions to avoid insolvency became “not just a method of achieving a better deal for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came perilously on the brink of leaving the eurozone.
On the line was not only Greece's future but also the harsh austerity measures required in exchange for bailout funds by international creditors.
Failed Options
Efforts to secure funds from other sources, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the punitive conditions were subjected to a public vote, an action which threw Europe into further crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author asserts that his former ally had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
He further wrote that Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
The account of history has been met with fury and shock in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.
