In a recently unveiled autobiography, titled Ithaki, the former premier Tsipras pulls no punches as he examines that turbulent era during Greece's debt drama.
A Controversial Choice
As per Tsipras's version, Tsipras appointed that unorthodox economist Varoufakis as the finance minister primarily due to the latter's global profile along with his “extremely attractive” skills when it came to speaker.
“He was, truthfully, more of a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis possessed his own agenda that included advancing Varoufakis's publications as well as testing out his economic models using Greece instead of truly advocating the country's economic stability.
Tsipras explained that the talks to prevent bankruptcy became “not only a method of achieving a better deal for the country. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line lay not only the country's future but also the punishing austerity measures required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the harsh conditions were subjected to a popular referendum, an action which plunged Europe into deeper existential crisis.
Even though the vote was won decisively by voters who opposed austerity, Tsipras had little option but to ignore the result and agree to a rescue deal with creditors that turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also wrote how his aggressive approach made him more and more alone among peers, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
