In a recently unveiled memoir, called Ithaki, the ex- leader Alexis Tsipras spares no criticism while he reflects on the chaotic era during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed that maverick academic Varoufakis as his finance minister primarily due to the latter's worldwide fame and his very persuasive abilities as a communicator.
“He was, actually, more of a personality and less of an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief had his own agenda that included promoting his publications and experimenting with his economic models using the nation instead of genuinely advocating its financial survival.
He wrote how those discussions to avoid insolvency were “not only a method to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously on the brink of leaving the single currency area.
On the line was both Greece's destiny and those punishing cutbacks required in return for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh conditions were subjected to a public vote, a move which plunged Europe into further existential crisis.
Even though the referendum was carried resoundingly by those against the cuts, Tsipras was forced but to reject its outcome then negotiate a bailout package from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of publications globally … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive handling.”
He further claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
This retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
