Within his freshly published memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he examines the turbulent period during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose the maverick economist Varoufakis as his finance minister primarily due to the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis had a personal agenda that included promoting his books and testing out his economic models using the nation instead of genuinely fighting for the country's economic stability.
Tsipras explained that those talks to prevent bankruptcy became “not just a method to secure improved terms for the country. They became an experiment, an historic opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country came dangerously close to exiting the single currency area.
On the line was both Greece's destiny and those harsh austerity policies required in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to find financing elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those harsh conditions were subjected to a public vote, an action which plunged Europe into further crisis of identity.
Although the vote was carried decisively by voters who opposed austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal from creditors that turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for a deal that required complex and sensitive management.”
Tsipras also claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
This retelling of history has provoked anger along with shock in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
