Within his recently unveiled personal account, titled Ithaki, the former premier Tsipras spares no criticism as he examines the chaotic era of Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, he appointed the unorthodox economist Varoufakis to be the finance minister largely due to the latter's global profile and Varoufakis's very persuasive skills as a speaker.
“He was, truthfully, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis had a personal motives which involved promoting Varoufakis's publications and testing out his theories using the nation rather than truly fighting for its financial survival.
Tsipras wrote that the talks to prevent insolvency were “not just a way to secure improved terms for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself dangerously close to leaving the single currency area.
At stake lay both Greece's future and those punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were put to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, the prime minister had little option but to ignore the result and negotiate a bailout package from foreign lenders which proved to be tougher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving establishing a parallel currency as well as distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the book, Tsipras concludes how his former ally demonstrated himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras further wrote that Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and helped hawks who were advocating Grexit.
This account of events has provoked anger and stunned disbelief among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
