In a recently unveiled personal account, named Ithaki, the former leader Tsipras spares no criticism while he revisits that chaotic period of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's account, Tsipras appointed that maverick economist Varoufakis to be his treasury head largely due to the latter's global profile along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis possessed a personal motives that involved advancing Varoufakis's publications and testing out his game theories using Greece rather than genuinely fighting for its economic stability.
Tsipras explained that the negotiations to stave off insolvency became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the validity of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously close to exiting the single currency area.
On the line lay both the country's future but also those punishing austerity measures demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, an action that threw the EU into a further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome then negotiate a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, Tsipras knew that it was game over questioning him: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras also wrote that his aggressive approach made him more and more alone with colleagues, endangered the country, while assisted hawks that were pushing for Grexit.
This retelling of events has provoked anger along with stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
