In a freshly published autobiography, named Ithaki, the former leader Tsipras pulls no punches as he revisits that turbulent period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he appointed that maverick economist Varoufakis to be his finance minister mainly because of his global profile and Varoufakis's very persuasive skills as a communicator.
“He was, truthfully, more of a personality rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader claims how his finance chief had his own agenda that included advancing his publications and testing out his theories using Greece instead of genuinely advocating its financial survival.
He explained that those discussions to prevent bankruptcy were “not just a way of achieving improved terms for the country. They were a test, a monumental chance to prove the truth of his theories.”
High-Stakes Negotiations
During tense negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay not only the country's destiny but also those punishing austerity measures demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were subjected to a public vote, an action that threw the EU into a deeper crisis of identity.
Even though the vote was carried decisively by voters against the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package with creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who graced the covers of publications the world over … he gave the impression he relished his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency and issuing coupons to retirees, the leader knew that it was game over and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes how his former ally had proved himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.
The retelling of history has been met with fury along with stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
