Within his freshly published memoir, titled Ithaki, the ex- premier Tsipras does not hold back as he revisits that chaotic period during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, he chose that maverick academic Varoufakis to be his finance minister mainly because of his international reputation along with Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more of a personality and less of an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis had his own motives that involved advancing his books and testing out his economic models on Greece rather than genuinely fighting for its financial survival.
Tsipras wrote that those discussions to stave off bankruptcy were “not just a way to secure improved terms for Greece. They were an experiment, a monumental chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country found itself dangerously close to exiting the eurozone.
At stake was not only Greece's future but also the harsh austerity policies demanded in return for rescue loans by international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive conditions were subjected to a popular referendum, a move which threw the EU into deeper crisis of identity.
Although the referendum was carried decisively by those against austerity, Tsipras was forced to reject its outcome and agree to a bailout package from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, the author asserts that Varoufakis had proved himself to be “unfit for a deal that required intricate and delicate handling.”
He also wrote how Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for Grexit.
The account of history has provoked fury along with shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
