Within his recently unveiled memoir, named Ithaki, the former premier Tsipras pulls no punches while he examines that chaotic period of Greece's debt drama.
A Controversial Choice
As per Tsipras's account, he chose that unorthodox economist Varoufakis to be the finance minister primarily due to the latter's international reputation along with Varoufakis's very persuasive abilities when it came to speaker.
“He was, actually, more of a star rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis possessed his own motives which included advancing his books as well as experimenting with his game theories using the nation instead of genuinely advocating the country's financial survival.
Tsipras wrote how the discussions to avoid insolvency were “not only a way to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was both Greece's destiny but also those harsh cutbacks required in return for financial aid by international creditors.
Failed Options
Efforts to secure financing from other sources, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, the harsh bailout terms were subjected to a popular referendum, an action which plunged the EU into a further crisis of identity.
Even though the referendum was carried decisively by voters who opposed austerity, Tsipras was forced but to ignore the result then negotiate a rescue deal from foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the front pages of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself “unfit for a deal that required complex and delicate handling.”
He also wrote that Varoufakis's confrontational style made him more and more alone among peers, endangered the country, while helped hawks that were advocating Grexit.
This account of history has provoked fury and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.