In a recently unveiled memoir, called Ithaki, the ex- leader Tsipras spares no criticism as he revisits that turbulent era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's account, he chose that maverick academic Varoufakis to be the treasury head largely because of the latter's global profile along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, actually, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief had a personal agenda which included promoting Varoufakis's publications and testing out his own economic models on the nation rather than genuinely advocating its financial survival.
Tsipras noted how those talks to prevent insolvency were “not only a way to secure a better deal for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During volatile negotiations, the country found itself perilously close to leaving the eurozone.
On the line lay both Greece's destiny and those punishing austerity measures required in exchange for financial aid by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those excoriating conditions were put to a public vote, an action that threw the EU into a further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, the prime minister had little option but to ignore the result then negotiate a bailout package from foreign lenders which turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras asserts that his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
He also wrote how his confrontational approach left him more and more alone with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
The account of history has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
