In a newly released memoir, named Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, Tsipras chose the maverick economist Varoufakis as his finance minister primarily due to his global profile along with Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, in reality, more of a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis had his own motives which included promoting his books and testing out his own economic models using the nation rather than truly advocating the country's financial survival.
Tsipras explained how the negotiations to avoid bankruptcy were “not only a method to secure improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid volatile negotiations, the country came perilously close to leaving the single currency area.
At stake was not only Greece's destiny and those harsh cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, those harsh conditions were put to a public vote, a move which threw Europe into further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras had little option but to reject its outcome then agree to a bailout package from creditors which proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan involving establishing a parallel currency and issuing coupons to pensioners, the leader said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for a deal demanding complex and sensitive handling.”
He further claimed that Varoufakis's confrontational style left him more and more alone among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
The retelling of history has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
