In a recently unveiled autobiography, named Ithaki, the ex- leader Tsipras pulls no punches as he revisits that turbulent period during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras chose the unorthodox academic Varoufakis as the finance minister primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” skills as a public orator.
“He was, actually, more of a celebrity rather than an economist,” stated Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis had his own motives that included advancing his books and experimenting with his economic models using Greece rather than genuinely fighting for the country's financial survival.
He explained that the talks to prevent insolvency became “not only a method to secure improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came dangerously on the brink of exiting the eurozone.
At stake lay not only the country's destiny but also those severe austerity policies demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the harsh conditions were put to a public vote, a move that plunged Europe into deeper existential crisis.
Even though the referendum was carried decisively by those against the cuts, Tsipras had little option but to ignore the result then agree to a bailout package from creditors that proved to be tougher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving creating a secondary currency and issuing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras further wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating Grexit.
This retelling of events has been met with fury and stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.
