In a recently unveiled memoir, named Ithaki, the ex- leader Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, Tsipras selected the maverick economist Varoufakis as the finance minister largely because of his international reputation along with his “extremely attractive” skills when it came to public orator.
“He was, actually, more like a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal agenda which involved promoting Varoufakis's publications and testing out his economic models using the nation instead of truly fighting for its financial survival.
Tsipras noted how those talks to stave off bankruptcy were “not only a way to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came dangerously close to leaving the single currency area.
At stake lay not only the country's destiny and the severe austerity policies demanded in return for rescue loans from international creditors.
Failed Options
Attempts to find funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move which plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome then negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He also wrote how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and assisted hardliners who were advocating Grexit.
This retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
