Within his freshly published memoir, called Ithaki, the ex- leader Alexis Tsipras does not hold back while he reflects on the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he chose the maverick economist Varoufakis to be the treasury head mainly due to the latter's global profile and his very persuasive skills as a communicator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis had a personal motives which involved promoting his publications and testing out his own economic models using Greece instead of truly fighting for its financial survival.
Tsipras wrote that those talks to prevent insolvency were “not just a way to secure a better deal for Greece. They became a test, a monumental chance to prove the validity of his economic theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece came dangerously close to leaving the eurozone.
At stake was not only Greece's destiny and the punishing cutbacks required in return for rescue loans by international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move which plunged the EU into a further crisis of identity.
Even though the vote was carried decisively by those who opposed austerity, the prime minister was forced but to reject its outcome and agree to a rescue deal with foreign lenders that proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency and distributing coupons to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate management.”
He further claimed that Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and helped hardliners who were pushing for Grexit.
This account of events has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
