In a newly released autobiography, called Ithaki, the ex- premier Tsipras spares no criticism while he revisits that turbulent era of Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, he selected that maverick economist Varoufakis as his treasury head mainly due to the latter's international reputation and Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, actually, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras claims that his finance chief had his own motives that included promoting Varoufakis's publications as well as experimenting with his own game theories using Greece instead of genuinely fighting for its economic stability.
He explained how the discussions to avoid insolvency became “not just a way to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his ideas.”
Critical Talks
During volatile negotiations, the country came perilously on the brink of leaving the eurozone.
At stake was not only the country's destiny but also those severe cutbacks demanded in return for rescue loans by foreign lenders.
Failed Options
Efforts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh conditions were put to a public vote, a move which threw the EU into a further existential crisis.
Although the vote was won resoundingly by those against the cuts, Tsipras was forced to ignore the result then negotiate a bailout package with creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally demonstrated himself “unfit for an agreement that required complex and delicate handling.”
He also claimed how Varoufakis's aggressive style left him more and more alone with colleagues, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with shock in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
