In a freshly published memoir, titled Ithaki, the former premier Tsipras pulls no punches as he reflects on that turbulent era during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras chose the unorthodox economist Varoufakis to be his finance minister largely because of the latter's global profile along with Varoufakis's very persuasive skills when it came to public orator.
“He was, truthfully, more of a star and less of an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that his finance chief possessed a personal agenda which involved promoting Varoufakis's books and testing out his theories on the nation rather than genuinely fighting for its economic stability.
Tsipras explained that the discussions to avoid insolvency were “not only a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Talks
Amid tense discussions, Greece came perilously close to leaving the eurozone.
At stake was both the country's future but also those punishing austerity measures demanded in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, a move that threw the EU into a further crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result then negotiate a rescue deal from creditors that proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts how his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
