In a newly released memoir, named Ithaki, the former premier Tsipras pulls no punches while he examines that chaotic period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, he chose that unorthodox academic Varoufakis to be his finance minister primarily due to the latter's international reputation and his highly compelling abilities when it came to public orator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief possessed his own agenda which involved advancing his publications as well as experimenting with his game theories on the nation rather than genuinely fighting for the country's financial survival.
Tsipras explained how those talks to avoid insolvency were “not only a way of achieving a better deal for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile discussions, Greece came perilously close to exiting the eurozone.
At stake was not only the country's future but also those harsh austerity policies demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those punitive conditions were put to a public vote, an action that plunged the EU into deeper crisis of identity.
Although the referendum was won decisively by those against the cuts, the prime minister had little option to ignore the result then negotiate a bailout package with foreign lenders which proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
When the minister outlined a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes that his former ally had proved himself “unfit for an agreement demanding intricate and delicate handling.”
He further claimed how Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
This retelling of events has provoked anger and shock in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
