Within his newly released autobiography, called Ithaki, the former leader Tsipras pulls no punches as he examines the chaotic period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, he selected the unorthodox academic Varoufakis to be his finance minister primarily due to the latter's global profile and his “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more of a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis possessed his own agenda which included advancing his publications as well as testing out his economic models using the nation instead of genuinely advocating the country's financial survival.
Tsipras wrote how the negotiations to avoid bankruptcy became “not just a method to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, Greece came perilously on the brink of exiting the single currency area.
On the line was both the country's future but also those harsh austerity measures required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin 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.
Referendum and Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, an action which threw the EU into deeper existential crisis.
Although the referendum was carried decisively by those against the cuts, the prime minister was forced to ignore the result and agree to a rescue deal from foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras asserts how his former ally demonstrated himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras also wrote that Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
