Within his recently unveiled autobiography, called Ithaki, the ex- leader Tsipras does not hold back while he reflects on that turbulent era of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras appointed that maverick economist Varoufakis as his finance minister primarily because of the latter's worldwide fame along with his “extremely attractive” abilities when it came to speaker.
“He was, truthfully, more like a star rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed a personal agenda that involved promoting Varoufakis's books and testing out his theories using Greece rather than genuinely fighting for the country's economic stability.
Tsipras wrote how the negotiations to avoid bankruptcy were “not only a way to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During tense negotiations, the country came dangerously close to leaving the single currency area.
On the line lay not only the country's destiny and the harsh austerity policies required in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those punitive bailout terms were put to a popular referendum, a move which plunged Europe into further crisis of identity.
Even though the referendum was carried resoundingly by voters against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency and distributing vouchers to retirees, Tsipras knew that it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
He also wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury and shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
