Within his recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on the chaotic era of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, he chose that maverick economist Varoufakis to be his finance minister largely due to his international reputation and his highly compelling skills when it came to public orator.
“He was, in reality, more of a personality and less of an economist,” stated Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis possessed his own motives that included promoting Varoufakis's publications as well as experimenting with his own theories on the nation rather than truly fighting for its economic stability.
Tsipras noted that those negotiations to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became a test, an historic chance to demonstrate the truth of his ideas.”
Critical Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay both Greece's future but also those severe cutbacks required in exchange for rescue loans from international creditors.
Failed Options
Attempts to find financing from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those harsh conditions were subjected to a popular referendum, a move that threw Europe into deeper crisis of identity.
Although the vote was won resoundingly by voters against the cuts, the prime minister was forced but to ignore the result and agree to a bailout package with creditors that proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency and issuing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal demanding complex and delicate management.”
He further claimed that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
