Within his recently unveiled personal account, called Ithaki, the former prime minister Tsipras spares no criticism while he examines that turbulent era during Greece's debt drama.
An Unconventional Choice
In Tsipras's account, he selected that maverick academic Varoufakis as his treasury head mainly because of the latter's international reputation and his very persuasive abilities when it came to speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests that Varoufakis had his own motives that included promoting Varoufakis's books as well as testing out his theories on the nation instead of truly fighting for its financial survival.
He explained how the talks to stave off insolvency were “not just a way to secure improved terms for the country. They were an experiment, a monumental chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece found itself perilously close to leaving the single currency area.
At stake lay not only Greece's future but also those harsh austerity measures required in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were put to a public vote, a move that plunged the EU into a deeper existential crisis.
Although the referendum was won decisively by those against austerity, the prime minister was forced to ignore the result then agree to a bailout package from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy that included creating a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further claimed that Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and stunned disbelief among certain groups, whereas the former minister has kept a deafening silence on the matter.
