Within his freshly published memoir, named Ithaki, the former prime minister Tsipras does not hold back as he revisits that turbulent era of Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's recollections, he selected the unorthodox academic Varoufakis to be his treasury head mainly due to his worldwide fame and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief had a personal motives which involved promoting Varoufakis's books and experimenting with his own game theories on Greece instead of truly fighting for the country's economic stability.
Tsipras noted that the talks to stave off insolvency were “not only a way of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid tense discussions, Greece came perilously close to leaving the single currency area.
On the line lay both Greece's future but also the punishing austerity policies required in return for financial aid from international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were put to a public vote, an action that threw Europe into further existential crisis.
Although the referendum was carried decisively by those against austerity, the prime minister was forced but to reject its outcome and negotiate a bailout package from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving creating a secondary currency and issuing coupons to retirees, the leader knew it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required complex and delicate management.”
Tsipras also wrote that his confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
The retelling of events has provoked anger and shock in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
