Within his recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, Tsipras selected the maverick academic Varoufakis to be the treasury head mainly because of his international reputation along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more of a star and less of an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader claims that his finance chief had his own motives that involved promoting Varoufakis's publications as well as testing out his game theories using Greece instead of truly fighting for the country's economic stability.
Tsipras explained how the negotiations to prevent insolvency were “not only a way to secure a better deal for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's theories.”
Critical Negotiations
During rollercoaster discussions, the country came perilously close to exiting the eurozone.
On the line was not only Greece's future but also the severe austerity measures required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, a move that plunged Europe into deeper existential crisis.
Even though the referendum was won resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result then agree to a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, the leader knew it was game over questioning him: “Is this for real?”
Enduring Criticism
In the book, the author asserts how his former ally had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
Tsipras further claimed that his confrontational style made him more and more alone with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The account of history has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
