Within his newly released memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits the chaotic era of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, Tsipras selected the unorthodox economist Varoufakis as the treasury head largely due to his global profile and his very persuasive abilities as a public orator.
“In reality, he was, actually, more like a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis possessed his own agenda that involved promoting his books and testing out his game theories on the nation instead of genuinely advocating the country's economic stability.
Tsipras explained how the talks to avoid bankruptcy were “not just a method to secure improved terms for the country. They were a test, an historic chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece found itself perilously on the brink of exiting the eurozone.
On the line was both the country's destiny but also the harsh austerity policies demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were put to a public vote, a move that threw the EU into deeper existential crisis.
Even though the referendum was won decisively by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a rescue deal from creditors which turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He further wrote that his aggressive approach made him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
This account of events has been met with fury and shock among certain groups, while Varoufakis has kept a deafening silence on the matter.
