In a recently unveiled memoir, named Ithaki, the ex- premier Tsipras spares no criticism while he reflects on that chaotic period of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's version, Tsipras selected the maverick economist Varoufakis as the finance minister mainly because of the latter's international reputation and Varoufakis's highly compelling skills as a speaker.
“He was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges how Varoufakis had a personal motives that involved advancing Varoufakis's books and experimenting with his theories on Greece instead of truly fighting for the country's financial survival.
Tsipras wrote how those negotiations to stave off bankruptcy were “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay not only Greece's future but also those punishing cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those punitive conditions were subjected to a public vote, an action that plunged the EU into a deeper crisis of identity.
Even though the vote was carried resoundingly by voters against the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras concludes that his former ally had proved himself to be “unfit for a deal that required intricate and sensitive handling.”
He further claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
