In a recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on the chaotic period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, he selected that maverick economist Varoufakis to be his finance minister mainly due to his worldwide fame along with Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more like a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief had a personal agenda which involved promoting his books as well as experimenting with his own theories using the nation instead of truly advocating the country's economic stability.
He noted that the discussions to prevent bankruptcy became “not only a method to secure improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece came perilously close to leaving the single currency area.
At stake lay both the country's destiny and the harsh cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the excoriating conditions were put to a popular referendum, a move that threw the EU into a further existential crisis.
Even though the referendum was won resoundingly by those against austerity, the prime minister was forced but to reject its outcome then negotiate a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally had proved himself to be “unsuitable for a deal demanding complex and delicate management.”
Tsipras also claimed how Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, while assisted hawks who were advocating Grexit.
This retelling of history has been met with fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
