In a recently unveiled autobiography, called Ithaki, the former prime minister Tsipras does not hold back as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, he selected the unorthodox economist Varoufakis as his finance minister largely due to his global profile and Varoufakis's highly compelling abilities when it came to communicator.
“He was, in reality, more like a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own agenda that involved promoting Varoufakis's books as well as experimenting with his economic models on the nation rather than genuinely advocating the country's financial survival.
Tsipras wrote that the negotiations to avoid insolvency became “not just a method to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came perilously close to exiting the eurozone.
At stake was not only Greece's destiny but also those harsh austerity measures demanded in exchange for rescue loans by international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, an action which threw the EU into a further existential crisis.
Even though the vote was carried decisively by voters who opposed austerity, Tsipras had little option but to reject its outcome then negotiate a rescue deal from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
Tsipras also claimed how Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
The account of events has been met with fury and shock among certain groups, while the former minister has maintained a deafening silence regarding these claims.
