In a recently unveiled memoir, titled Ithaki, the former prime minister Tsipras spares no criticism as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's version, he selected the unorthodox academic Varoufakis as his treasury head largely due to the latter's international reputation along with his “extremely attractive” skills as a communicator.
“He was, truthfully, more of a star and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras claims that Varoufakis had a personal motives which included promoting Varoufakis's publications and experimenting with his own theories using the nation rather than genuinely advocating its economic stability.
Tsipras explained how the talks to avoid insolvency became “not just a way to secure improved terms for Greece. They were a test, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously close to leaving the single currency area.
At stake lay both Greece's destiny and those harsh cutbacks required in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the harsh conditions were subjected to a public vote, an action which plunged Europe into deeper existential crisis.
Although the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras further wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, while helped hawks that were advocating Grexit.
The retelling of history has been met with fury and stunned disbelief among certain groups, while the former minister has maintained a deafening silence regarding these claims.
