In a freshly published memoir, titled Ithaki, the former prime minister Tsipras spares no criticism as he reflects on that chaotic period during Greece's debt drama.
A Controversial Appointment
In the ex-PM's account, Tsipras appointed that unorthodox economist Varoufakis to be the treasury head mainly due to his global profile along with his “extremely attractive” abilities as a public orator.
“He was, in reality, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges how his finance chief had his own agenda that included advancing his books and experimenting with his theories on the nation rather than genuinely fighting for the country's financial survival.
He explained that those talks to stave off insolvency became “not only a method of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During volatile discussions, the country came dangerously on the brink of leaving the single currency area.
On the line lay both the country's future but also those harsh austerity measures demanded in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the harsh bailout terms were put to a public vote, a move that plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving creating a parallel currency and distributing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, Tsipras asserts that his former ally had proved himself “unfit for a deal demanding intricate and delicate handling.”
Tsipras also claimed that his aggressive approach made him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
The account of history has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
