Within his recently unveiled memoir, titled Ithaki, the ex- premier Tsipras spares no criticism as he revisits the turbulent era during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's account, Tsipras selected the maverick academic Varoufakis to be his finance minister largely because of his international reputation and Varoufakis's very persuasive skills as a speaker.
“He was, actually, more like a celebrity and less of an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis had his own motives that involved promoting his books as well as testing out his theories on Greece instead of truly advocating its financial survival.
He wrote that the discussions to stave off insolvency were “not only a method of achieving a better deal for Greece. They became an experiment, a monumental chance to demonstrate the validity of his theories.”
Critical Negotiations
During tense negotiations, the country came perilously on the brink of leaving the eurozone.
On the line was both the country's future and those severe cutbacks demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating conditions were subjected to a popular referendum, a move that threw Europe into further crisis of identity.
Although the referendum was carried decisively by voters against the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders which proved to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis had proved himself “unsuitable for a deal demanding intricate and sensitive management.”
He further claimed how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with anger and shock among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
