In a recently unveiled autobiography, called Ithaki, the former prime minister Tsipras spares no criticism as he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's recollections, he chose the maverick economist Varoufakis to be the treasury head mainly due to his global profile and Varoufakis's “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras claims that his finance chief possessed his own motives which involved advancing his books and experimenting with his theories using the nation rather than truly advocating the country's economic stability.
He wrote how those talks to prevent insolvency were “not just a method of achieving a better deal for the country. They became an experiment, an historic opportunity to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During tense negotiations, Greece came perilously close to leaving the eurozone.
On the line lay both Greece's future but also the punishing austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were put to a popular referendum, an action which plunged the EU into further crisis of identity.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result and agree to a bailout package with creditors that proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included creating a secondary currency and distributing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis had proved himself to be “unfit for an agreement demanding complex and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
This account of history has provoked fury and shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
