Within his newly released memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on that turbulent era during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, Tsipras selected the unorthodox economist Varoufakis to be the treasury head largely due to the latter's global profile and his highly compelling abilities as a public orator.
“He was, actually, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal agenda which involved advancing his publications as well as testing out his own economic models using Greece instead of truly advocating its financial survival.
Tsipras noted that the negotiations to prevent bankruptcy were “not only a way to secure improved terms for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country found itself perilously close to leaving the eurozone.
On the line lay both the country's future and those severe cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Efforts to find funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those punitive conditions were subjected to a public vote, a move which plunged Europe into a further crisis of identity.
Even though the referendum was won decisively by those against the cuts, the prime minister had little option to ignore the result and negotiate a rescue deal with creditors that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included creating a secondary currency and issuing coupons to pensioners, the leader said he realised that it was the end questioning him: “Are you serious?”
Lasting Criticism
In the book, the author asserts that Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras further claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, while helped hardliners who were pushing for Grexit.
The account of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
