In a recently unveiled memoir, titled Ithaki, the ex- leader Tsipras pulls no punches as he reflects on the chaotic period during Greece's financial crisis.
A Controversial Choice
In Tsipras's recollections, Tsipras selected the unorthodox economist Varoufakis to be the finance minister primarily because of the latter's worldwide fame along with Varoufakis's highly compelling abilities when it came to public orator.
“He was, actually, more of a star and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief had a personal motives that included promoting his publications as well as experimenting with his economic models on the nation instead of truly advocating the country's financial survival.
He wrote how the negotiations to stave off bankruptcy were “not only a method to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During tense negotiations, Greece came perilously close to leaving the eurozone.
On the line was not only the country's destiny but also those punishing austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating conditions were subjected to a popular referendum, an action which plunged the EU into deeper existential crisis.
Even though the vote was carried decisively by voters against austerity, Tsipras was forced to ignore the result and agree to a rescue deal from creditors that proved to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself to be “unfit for an agreement that required intricate and delicate management.”
He further claimed how his confrontational approach left him more and more alone among peers, put Greece at risk, while helped hardliners that were pushing for Grexit.
The retelling of history has been met with anger and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.
