Within his recently unveiled personal account, titled Ithaki, the ex- premier Tsipras spares no criticism while he revisits that turbulent period of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, he chose that maverick academic Varoufakis to be his treasury head primarily because of his international reputation and Varoufakis's “extremely attractive” abilities when it came to communicator.
“He was, truthfully, more of a star rather than an economist,” recalled Tsipras.
Clashing Agendas
The former leader claims how Varoufakis possessed a personal motives which involved promoting Varoufakis's publications as well as experimenting with his own economic models using Greece instead of truly fighting for its financial survival.
He wrote how those talks to prevent bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During volatile discussions, the country came perilously close to exiting the single currency area.
On the line lay not only Greece's destiny and those punishing cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to secure funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating conditions were subjected to a public vote, a move that threw Europe into a deeper crisis of identity.
Even though the vote was won decisively by voters against austerity, the prime minister was forced but to reject its outcome then negotiate a rescue deal with creditors which proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, the author asserts how Varoufakis had proved himself “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further wrote that his aggressive approach left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
This retelling of history has been met with anger and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
