In a recently unveiled memoir, called Ithaki, the former leader Tsipras spares no criticism while he reflects on the turbulent period during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, he chose that maverick academic Varoufakis as his treasury head largely because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills as a communicator.
“He was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed a personal agenda which included promoting Varoufakis's books as well as testing out his own game theories using Greece instead of genuinely fighting for its financial survival.
He wrote that those talks to stave off insolvency were “not only a method to secure a better deal for Greece. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously on the brink of exiting the single currency area.
At stake lay both the country's destiny but also those harsh austerity policies required in exchange for financial aid by foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive bailout terms were put to a popular referendum, a move which plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by those who opposed austerity, the prime minister was forced but to reject its outcome then agree to a bailout package with foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and delicate management.”
Tsipras further claimed that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hawks that were advocating Grexit.
The account of events has provoked fury and stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
