Within his newly released memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on that turbulent period of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he chose the unorthodox economist Varoufakis to be the finance minister largely due to his global profile and Varoufakis's “extremely attractive” skills as a public orator.
“He was, truthfully, more like a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own motives that involved advancing Varoufakis's books and testing out his own theories using the nation instead of genuinely fighting for its financial survival.
He noted that those negotiations to avoid bankruptcy were “not just a way to secure improved terms for the country. They became a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously close to exiting the single currency area.
On the line was both Greece's future and those harsh austerity measures demanded in return for financial aid from international creditors.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a public vote, a move which plunged the EU into a deeper crisis of identity.
Even though the referendum was carried decisively by voters who opposed austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who attracted media attention, who graced the covers of magazines globally … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes that his former ally had proved himself “unfit for a deal that required intricate and sensitive management.”
He further claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence regarding these claims.
