In a recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines that chaotic period of Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, he chose that unorthodox economist Varoufakis to be the treasury head primarily due to the latter's international reputation and his “extremely attractive” skills as a speaker.
“He was, truthfully, more like a star rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own motives which involved promoting Varoufakis's publications and testing out his own theories on Greece rather than genuinely fighting for its financial survival.
Tsipras explained that the negotiations to avoid bankruptcy became “not only a way to secure improved terms for Greece. They became a test, a monumental opportunity to prove the validity of his theories.”
High-Stakes Negotiations
Amid tense discussions, the country came perilously close to leaving the single currency area.
On the line lay not only the country's future and the severe cutbacks required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, an action which plunged Europe into further crisis of identity.
Even though the vote was won resoundingly by those against austerity, Tsipras was forced but to reject its outcome and agree to a bailout package from foreign lenders which turned out to be more severe.
Final Straw
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to pensioners, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author concludes how his former ally had proved himself “unfit for a deal demanding complex and sensitive handling.”
He further wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating Grexit.
The account of history has provoked anger and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
