In a recently unveiled memoir, named Ithaki, the former premier Tsipras spares no criticism as he reflects on that turbulent era of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's version, he selected that maverick academic Varoufakis as the treasury head primarily due to the latter's global profile and his very persuasive abilities when it came to speaker.
“He was, in reality, more of a celebrity rather than an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras suggests that his finance chief possessed his own motives which involved promoting Varoufakis's publications as well as testing out his economic models using Greece rather than genuinely advocating its financial survival.
He explained that the talks to avoid insolvency were “not only a method to secure a better deal for Greece. They were a test, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, Greece found itself perilously on the brink of exiting the eurozone.
On the line lay not only the country's destiny but also those harsh austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those harsh conditions were subjected to a public vote, a move that threw the EU into a further existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option but to reject its outcome then negotiate a rescue deal from creditors which proved to be tougher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, the leader knew it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, the author concludes how his former ally had proved himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras also claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and shock among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
