Within his freshly published memoir, named Ithaki, the former premier Tsipras does not hold back as he examines the chaotic era during Greece's financial crisis.
A Controversial Choice
In Tsipras's account, he chose that unorthodox economist Varoufakis to be his treasury head mainly because of the latter's global profile along with Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, actually, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief had his own agenda which involved promoting Varoufakis's publications and experimenting with his own game theories using Greece rather than truly advocating the country's economic stability.
He wrote that the discussions to prevent insolvency were “not just a method to secure a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Talks
During rollercoaster discussions, the country came dangerously close to exiting the eurozone.
At stake was both the country's future and those severe austerity policies demanded in return for rescue loans by international creditors.
Failed Options
Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a public vote, an action which threw Europe into deeper existential crisis.
Even though the vote was carried resoundingly by voters against austerity, the prime minister was forced to ignore the result then agree to a rescue deal with creditors that proved to be tougher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving establishing a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
He also wrote how his aggressive approach left him more and more alone among peers, endangered the country, and helped hardliners that were pushing for Grexit.
The account of history has provoked anger and shock among certain groups, while Varoufakis has kept a deafening silence regarding these claims.