In a newly released personal account, named Ithaki, the former leader Tsipras does not hold back as he examines that chaotic period of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, Tsipras chose that maverick economist Varoufakis as his finance minister largely due to the latter's international reputation and Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own motives which included advancing Varoufakis's publications as well as experimenting with his own economic models using the nation instead of truly fighting for its financial survival.
Tsipras noted that the negotiations to stave off bankruptcy were “not just a method of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid tense discussions, the country came dangerously on the brink of leaving the eurozone.
On the line lay both the country's destiny and those severe austerity measures required in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a public vote, an action which plunged the EU into a further crisis of identity.
Although the vote was won decisively by voters against austerity, Tsipras was forced but to ignore the result and agree to a bailout package from creditors that turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal that required intricate and delicate management.”
He also wrote how his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
