Within his freshly published memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits that turbulent era during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, Tsipras selected that unorthodox academic Varoufakis as the treasury head largely because of the latter's global profile and Varoufakis's highly compelling abilities as a public orator.
“He was, in reality, more of a star and less of an economist,” stated Tsipras.
Conflicting Agendas
The former leader alleges how his finance chief possessed a personal agenda that included promoting Varoufakis's books as well as testing out his theories on Greece rather than truly fighting for its financial survival.
Tsipras wrote that the negotiations to prevent bankruptcy became “not only a way to secure a better deal for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Talks
During volatile discussions, the country found itself perilously close to exiting the single currency area.
On the line was both Greece's future and those punishing austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating conditions were put to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Even though the vote was won decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
When the minister outlined a contingency plan involving establishing a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive management.”
He also wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were advocating Grexit.
The retelling of events has been met with fury along with shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.
