Within his recently unveiled memoir, named Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that turbulent period during Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, he selected that maverick economist Varoufakis as the treasury head largely because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, actually, more like a personality rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief had his own agenda that included promoting Varoufakis's books as well as experimenting with his own game theories on the nation instead of truly fighting for the country's financial survival.
He wrote how those talks to stave off insolvency became “not only a way of achieving improved terms for the country. They became an experiment, a monumental chance to prove the validity of his economic theories.”
Critical Talks
Amid rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
On the line lay both Greece's destiny and the punishing austerity policies required in return for rescue loans from international creditors.
Failed Options
Attempts to secure financing from other sources, including an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were put to a public vote, an action which threw Europe into a further crisis of identity.
Although the vote was won resoundingly by voters against the cuts, the prime minister had little option but to ignore the result then negotiate a bailout package from creditors which turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes that Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
He further wrote how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with anger along with shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
