In a recently unveiled personal account, titled Ithaki, the former leader Tsipras spares no criticism while he reflects on that turbulent period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, he selected that maverick economist Varoufakis to be the treasury head primarily due to his international reputation and his highly compelling skills as a speaker.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras claims that Varoufakis had his own agenda that involved advancing Varoufakis's publications and testing out his own economic models on the nation rather than truly fighting for the country's financial survival.
Tsipras explained how the negotiations to prevent insolvency were “not just a way of achieving a better deal for Greece. They were a test, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Talks
During tense negotiations, Greece found itself perilously close to leaving the single currency area.
On the line was not only the country's destiny but also those punishing cutbacks required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
That summer, the punitive conditions were put to a public vote, a move which threw the EU into a further existential crisis.
Although the vote was won resoundingly by voters against austerity, Tsipras was forced to ignore the result then negotiate a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was game over and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes that his former ally had proved himself to be “unfit for a deal demanding complex and delicate handling.”
Tsipras further claimed how his aggressive approach made him more and more alone among peers, put Greece at risk, while helped hawks who were pushing for Grexit.
The account of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
