Within his recently unveiled memoir, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, he chose that maverick economist Varoufakis to be the treasury head largely because of his international reputation and his very persuasive skills as a speaker.
“He was, in reality, more of a star and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader claims that his finance chief possessed a personal motives which included advancing his books and testing out his own theories on Greece rather than truly advocating the country's economic stability.
Tsipras noted how those negotiations to prevent insolvency became “not only a method to secure improved terms for the country. They became an experiment, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny and the harsh austerity measures required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including an urgent plea to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the harsh conditions were subjected to a popular referendum, a move that threw Europe into a further crisis of identity.
Even though the referendum was won decisively by those against austerity, Tsipras had little option to reject its outcome then negotiate a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes that his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras also claimed that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
This account of history has provoked fury along with shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
