Within his freshly published personal account, named Ithaki, the former prime minister Tsipras pulls no punches while he examines that turbulent era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, Tsipras appointed that unorthodox academic Varoufakis as his finance minister largely because of the latter's international reputation and Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, actually, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests that Varoufakis possessed a personal motives that involved promoting his books as well as testing out his theories on the nation rather than genuinely fighting for its financial survival.
He explained that those talks to stave off insolvency were “not only a method to secure improved terms for Greece. They became an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Negotiations
During rollercoaster discussions, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was both Greece's future and those punishing austerity measures demanded in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to find financing from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were put to a public vote, a move that threw the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by voters against austerity, the prime minister had little option to reject its outcome then agree to a rescue deal from foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate management.”
Tsipras further claimed how his confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
This retelling of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.