Within his newly released memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on the chaotic era during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, he chose that maverick academic Varoufakis to be his finance minister primarily due to the latter's international reputation and his highly compelling abilities as a speaker.
“He was, actually, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests that Varoufakis possessed his own motives that included advancing his publications as well as experimenting with his economic models on the nation rather than truly advocating the country's economic stability.
He explained that the talks to avoid insolvency were “not only a method of achieving a better deal for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself perilously close to exiting the single currency area.
At stake lay not only the country's future but also those harsh austerity measures required in exchange for rescue loans from foreign lenders.
Failed Options
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, an action that plunged Europe into a deeper crisis of identity.
Although the vote was won decisively by those who opposed austerity, the prime minister had little option to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included creating a secondary currency as well as distributing coupons to retirees, the leader knew it was the end and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive handling.”
He also claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hawks who were pushing for Grexit.
This account of history has provoked fury and shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
