In a recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he examines the chaotic period during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, he selected the maverick academic Varoufakis to be his finance minister mainly due to his worldwide fame along with his highly compelling abilities as a communicator.
“In reality, he was, in reality, more of a personality and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis possessed a personal motives that involved advancing his books and testing out his theories on the nation instead of genuinely fighting for its economic stability.
He explained that the discussions to prevent insolvency were “not only a method of achieving a better deal for the country. They became an experiment, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
During tense discussions, Greece found itself perilously close to leaving the eurozone.
On the line was both Greece's future but also the punishing austerity measures demanded in return for rescue loans from international creditors.
Failed Alternatives
Attempts to find financing from other sources, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those excoriating bailout terms were put to a public vote, an action that threw Europe into deeper existential crisis.
Although the referendum was won decisively by voters who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a rescue deal from foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts that his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He further wrote that his confrontational style made him more and more alone among peers, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger and shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
