In a recently unveiled memoir, titled Ithaki, the former leader Tsipras does not hold back as he examines the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's recollections, Tsipras appointed the unorthodox economist Varoufakis to be the treasury head largely because of the latter's global profile and his highly compelling skills as a speaker.
“He was, actually, more of a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis possessed a personal agenda which involved advancing his publications and testing out his own game theories on the nation instead of truly advocating the country's economic stability.
Tsipras wrote how the negotiations to prevent bankruptcy became “not just a method of achieving a better deal for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously on the brink of exiting the single currency area.
At stake was not only the country's future but also those severe cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Attempts to secure financing from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those punitive conditions were subjected to a public vote, an action which threw the EU into a deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, Tsipras was forced but to ignore the result and agree to a bailout package with creditors that proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes how Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras further wrote how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for Grexit.
This account of events has provoked anger along with shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
