In a recently unveiled autobiography, named Ithaki, the former leader Tsipras pulls no punches while he revisits the turbulent period during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's account, he appointed that unorthodox academic Varoufakis as the treasury head mainly because of the latter's worldwide fame along with his highly compelling skills as a speaker.
“He was, in reality, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief possessed a personal motives which involved advancing his books and experimenting with his own theories on Greece instead of truly fighting for its financial survival.
He wrote how those talks to stave off bankruptcy became “not only a method of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously close to leaving the eurozone.
At stake lay both the country's future and the harsh austerity policies required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, an action which threw the EU into a further existential crisis.
Even though the vote was won decisively by voters who opposed austerity, Tsipras had little option to ignore the result then agree to a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy that included creating a secondary currency and distributing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The account of events has been met with fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
