In a freshly published memoir, titled Ithaki, the former premier Tsipras pulls no punches as he examines the turbulent era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he chose the unorthodox economist Varoufakis to be his treasury head largely because of the latter's global profile and his highly compelling abilities when it came to speaker.
“He was, actually, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges how his finance chief had his own agenda which involved promoting Varoufakis's books as well as testing out his theories using the nation instead of truly fighting for the country's financial survival.
Tsipras explained that those talks to prevent bankruptcy became “not only a way to secure a better deal for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid tense negotiations, the country came perilously close to leaving the single currency area.
On the line lay not only Greece's future but also those punishing austerity measures demanded in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh conditions were subjected to a public vote, an action that threw Europe into a further crisis of identity.
Although the referendum was won decisively by voters against austerity, Tsipras was forced to reject its outcome then negotiate a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised it was game over questioning him: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal that required intricate and delicate handling.”
Tsipras further claimed that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
