Within his freshly published memoir, titled Ithaki, the former prime minister Tsipras does not hold back as he reflects on the chaotic era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras selected that unorthodox academic Varoufakis to be the treasury head mainly because of his global profile along with his highly compelling skills when it came to public orator.
“In reality, he was, actually, more of a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis had a personal agenda that included promoting Varoufakis's books and experimenting with his own economic models using Greece rather than genuinely advocating the country's financial survival.
He noted how those negotiations to stave off insolvency were “not just a method to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake was not only Greece's destiny and those harsh austerity measures demanded in return for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were put to a public vote, a move that threw the EU into a further crisis of identity.
Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome then negotiate a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and distributing coupons to pensioners, the leader knew it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He further wrote how his aggressive style left him increasingly isolated among peers, endangered the country, and helped hawks that were pushing for Grexit.
The account of history has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
