In a recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, Tsipras chose that maverick economist Varoufakis as the finance minister largely due to his worldwide fame along with Varoufakis's highly compelling abilities when it came to communicator.
“He was, actually, more like a star and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges that his finance chief possessed a personal motives that included advancing Varoufakis's books and testing out his economic models on Greece instead of genuinely advocating the country's financial survival.
He wrote how the talks to avoid bankruptcy were “not only a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, the country came perilously close to exiting the single currency area.
At stake lay both the country's future but also the severe austerity measures demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move which threw the EU into a further crisis of identity.
Even though the referendum was won decisively by those against the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
After the minister outlined a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author concludes that Varoufakis had proved himself “unfit for a deal demanding complex and delicate management.”
Tsipras also claimed that Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while helped hawks that were advocating Grexit.
The retelling of events has provoked anger and shock among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
