In a freshly published autobiography, named Ithaki, the ex- premier Tsipras pulls no punches as he revisits that turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras appointed the unorthodox economist Varoufakis as the finance minister primarily due to the latter's worldwide fame and his “extremely attractive” skills as a public orator.
“He was, in reality, more like a star rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests that Varoufakis possessed his own agenda that included advancing his publications and experimenting with his own game theories on the nation instead of truly fighting for the country's economic stability.
Tsipras explained that the discussions to stave off insolvency were “not just a method of achieving improved terms for the country. They became an experiment, a monumental opportunity to prove the truth of his theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to exiting the eurozone.
On the line was both Greece's destiny but also the severe cutbacks required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the excoriating conditions were put to a public vote, a move that threw Europe into deeper existential crisis.
Even though the referendum was won decisively by those who opposed austerity, the prime minister had little option but to reject its outcome then negotiate a bailout package from creditors that proved to be tougher.
Final Straw
Tsipras 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 graced the covers of publications globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing coupons to pensioners, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for a deal that required complex and delicate management.”
He further wrote that his confrontational style left him more and more alone among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.