Within his recently unveiled autobiography, titled Ithaki, the former prime minister Tsipras pulls no punches as he revisits the chaotic period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, he chose the unorthodox economist Varoufakis as the treasury head mainly because of the latter's worldwide fame and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader claims how Varoufakis had his own motives which involved advancing his books as well as experimenting with his own theories using the nation instead of genuinely fighting for the country's financial survival.
Tsipras noted how the talks to avoid insolvency were “not just a method of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came perilously on the brink of leaving the eurozone.
On the line was not only Greece's destiny but also the punishing austerity measures required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those punitive bailout terms were put to a popular referendum, an action that threw Europe into a further existential crisis.
Even though the vote was carried resoundingly by voters against austerity, Tsipras had little option but to ignore the result and agree to a rescue deal from foreign lenders which proved to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency and distributing coupons to retirees, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras also claimed how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.