In a freshly published personal account, called Ithaki, the former premier Tsipras pulls no punches while he reflects on the turbulent era of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras appointed the unorthodox economist Varoufakis as his treasury head mainly because of the latter's global profile and Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief had a personal agenda which involved promoting his publications as well as testing out his own economic models on the nation rather than truly fighting for the country's economic stability.
He wrote how the talks to stave off insolvency became “not only a method to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During tense discussions, the country came perilously on the brink of leaving the single currency area.
At stake was both Greece's destiny but also those punishing cutbacks demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those punitive bailout terms were put to a public vote, a move that plunged the EU into a deeper existential crisis.
Even though the referendum was carried decisively by those against austerity, the prime minister had little option but to ignore the result then negotiate a rescue deal from foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister outlined a contingency plan that included creating a secondary currency as well as distributing coupons to retirees, the leader said he realised it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and delicate handling.”
Tsipras also wrote how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and helped hawks who were advocating Grexit.
The retelling of history has provoked fury along with shock in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
