In a recently unveiled personal account, called Ithaki, the former leader Tsipras spares no criticism as he examines that chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, Tsipras chose the unorthodox academic Varoufakis to be the finance minister mainly because of his global profile and Varoufakis's highly compelling skills when it came to speaker.
“He was, in reality, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief had his own agenda which involved promoting his books and experimenting with his game theories on Greece rather than genuinely fighting for the country's financial survival.
He noted how the discussions to stave off insolvency were “not just a way to secure improved terms for the country. They became an experiment, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself perilously close to leaving the single currency area.
At stake was not only the country's future and the severe cutbacks required in return for bailout funds by international creditors.
Failed Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the referendum was won decisively by those who opposed austerity, Tsipras had little option to reject its outcome then negotiate a rescue deal with creditors that proved to be more severe.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy that included establishing a secondary currency as well as issuing coupons to retirees, the leader knew it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for a deal that required complex and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were advocating Grexit.
The account of history has provoked anger and shock among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
