Within his freshly published personal account, named Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that turbulent period during Greece's debt drama.
A Controversial Appointment
As per Tsipras's recollections, he selected that maverick economist Varoufakis as his finance minister mainly because of his worldwide fame along with Varoufakis's very persuasive abilities as a speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed his own agenda which involved promoting his books as well as experimenting with his game theories on Greece instead of truly fighting for the country's financial survival.
Tsipras noted that the talks to prevent insolvency were “not only a method of achieving a better deal for Greece. They were a test, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Talks
During rollercoaster negotiations, the country came dangerously close to leaving the single currency area.
On the line was not only the country's future and those severe austerity measures required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were subjected to a public vote, an action that plunged Europe into a deeper existential crisis.
Although the vote was won decisively by voters who opposed the cuts, the prime minister was forced but to ignore the result and agree to a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, the leader said he realised that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement that required complex and delicate handling.”
He also wrote how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has been met with anger and stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
